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The Olympics: The 
power and the glory • 



Pages! & VII 



Burgundy: Chateaux JSjfi 
and red, red wine 


4T 


Page VIII 



ut London - 
Lacroix 







ES 



V*T ?■* 

5vi * ’ 

• 


Weekend July 25/July 26 1991 


Fokker deal may 
trigger aircraft 


EUROPE’S BUSINESS NEWSPAPER 


D 8523A 


Daimler- Benz, Germany’s largest industrial group, 
if to take Control of Xhdch aircraft inaker Fokker - 
* in a. deal , that could trigger a wide restructuring- • 

of the European regional aircraft industry. The. 
move is'Hkely. to put pressure on other manufectuf-. 
era to accelerate their efforts to f in d partners . 
in an iiutostry . dogged by overcapacity. Page 24 ’ 

Iranians deported: Britain is to dejiort'thtae - 
Iranians, two of them locally engaged embassy 
officials, for reasons of “national security". At 
least one is thought to have been involved in 
keeping track of author Salman Rushdie, page 4' " 

Albert Rshen Tony Millar, who built Albert - - 
Fisher into an international fruit and vegetable 
company worth more than £780m at its peak,' 
resigned as executive chairman after pressure . 
from non-executive directors. Page 10; Lex, Page 24 

inde*s£i ; . iJondan equities: * 

•. s 7.i. v ;/ .*•* MiddleEasttensions 
Hourly f^wemients,- • dealt a further blow . 
r 2^440to confidence, with 
>• •*. ".O Vfryff ,. share prices in the 
afc. ! UK. reacting more : 

- severely than other ; 

- .<T X■- European bourses 

<2,400 * I*—0*6-. to reports that US 

• warships had been 

’ 'iftho 'Ll* / VM l i i t; placed on alert. The . 

• >4 1.. V •„ v . lP FT-SE index rallied 

: :vri^F- before the close, but .. 
flffit rrr“T rT the day’s foil (£223 • . 

«'Vto 2,377.2 made a total 
loss over the two-week equity account of 4.6 per 
cent Page 15; Lex, Page 24; Wkd n 

Shadow cabin ot; Gordon Brown andTony. /. 
Blair took the top jobs in Labour’s “new-look” 1 
shadow cabinet, winning the^chancellorship, and 
home affairs portfolios respectively. Jack Cunning¬ 
ham tokes the foreign affairs job, whfle Rohin 
Cook moves to trade and industry. Page 24 

Westland, UK’s only helicopter maker, has 
. won part of a Canadian C$4.4bn (£lJ4bn) order- - 

- for 50 marine helicopters. Page 24 

German Inflation falls: The expected sharp 
fall in west German mftatinh during July was 
confirmed by figures sho wing a 1 percentage * 
point drop in therate of price increases In three : . 
important states. Page 2 ■-“ r [ ■ 

RSEUfc -Sagging tax receipts from coiqpaay profits 

toe Treasury adrotts-Piage 4 . 

H arms cuts: Further cuts iii strategic nudear 
missiles are possible beyond those already agreed 
between the US and Russia, but future negotiations 
must include the UK, France and China, according 
to the Russian defence minister. Page 2 : . . 

Lovefi: Police are.ihvestigatuig Lovell, a private. 
Newcastle-based sfockbraldag firm, after the . 
Securities and Futures Association expefled the 
• finn on the grounds it was no. longer fit to cany 
out investment business. Page 4 

Boor wars: The US imposed a 50 per cent duty 
on imports of beer brewed or bottled in Ontario 1 
in retaliation for alleged “discriminatory" practices 
against American beer. Page 2; Lex, Page 24 

Companies House roviow: The DTI Is to - 

undertake a review of Companies House that 
could lead to the foil or partial privatisation of 
the Cardiff-based agency. Page 6 

Marlboro Han dtesi 

Wayne McLaren, the 
actor who posed as ' 
Marlboro Man in adver- 
tising posters worldwide, 
has died of lung cancer 
aged 5L McLaren, 
hired by Philip Morris . 

™ 197510 promote 
. the company’s MarDraro 
y ^d Tf' 'F brand of cigarettes, 

_learnt he had bmg : 

^ cancer two years ago and became a leading spokes¬ 
man against smoking. . ... 

Nissan UK: Damages of £80W?60 were awarded 
against car distributor Nissan tJK after a Hlgh 
Court judge ruled a former assistant managing 
director had been unfairly dismissed. The award - 
is believed to be the largest of its kind: Page 6 ‘ 

Cricket: England were 216 for one to reply to • 
Pakistan’s 197 all out at the end of the second ' 
day of the fourth Test at Headingley. . 


Military strike threatened unless Baghdad allows weapons inspection Japanese 

Iraq to face UN ultimatum ^eZ” ay 

By Jurek Martin In Washington, As the crisis over Iraqi obstruc- the UN secretary-general or the ern powers were serious in Military contingency plans are ■ flllFli'W 
Michael Utttejohns In Now York tion to the .UN inspectors Security Council, but which threatening military force. being held a closely guarded 

and Robert Mauthnerto London appeared to be reaching its di- would be open to others to join, Mr Rolf Ekeus, the head of the secret, but it is widely assumed -w- T - ■_ -- ■_ 

. ■. max. President George Bush can- inigbt be made public as early as UN inspection commission, also that American, British and 1—1 cn 11 rlnlotr 

THE US, Britain and France were celled plans to be away from this weekend and could require appeared hopeful last night that French aircraft would lead the -R- Xilll uvlfrl y 

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By Jurek Mefttai In Washington, 
Michael Utttejohns In New York 
and Robert Minithner In London 

THE US, Britain and France were - 
last night on the verge of issuing' 
a formal and final ultimatum to 
Iraq warning that Ba ghdad faces 
a military strike unless it allows 
United Nations inspectors access - 
to its weapons of mass destruc¬ 
tion programme. 

The western powers want UN 
inspectors to enter a Baghdad 
ministry suspected of housing 
details of Iraq’s nuclear and pos¬ 
sibly chemical weapons pro-, 
gramme. 


As the crisis over Iraqi obstruc¬ 
tion to the UN inspectors 
appeared to be reaching its cli¬ 
max. President George Bush can¬ 
celled plans to be away from 
Washington over the weekend, 
which he had been due to spend 
at his holiday home in Kenne- 

bunkport. 

Mr Marlin Fitzwater, the White 
House spokesman, said Mr Bush 
would instead be meeting his top 
national security advisers today 
at the presidential retreat of 
Camp David, near Washingtons 

US officials had earlier con¬ 
firmed that the ultimatum, which 
could be issued-in the name of 


the UN secretary-general or the 
Security Council, but which 
would be open to others to join, 
might be made public as early as 
this weekend and could require 
Iraqi compliance within a matter 
of days. 

Though confirming the moves 
towards the drawing up of an 
ultimatum, British officials in 
London warned against the 
assumption that military action 
was now a foregone conclusion. 
They considered that there was 
still a reasonable chance that 
President Saddam would “hi ink" 
at the last moment, once he had 
finally understood that the west¬ 


ern powers were serious in 
threatening military force. 

Mr Rolf Ekeus, the head of the 
UN inspection commission, also 
appeared hopeful last night that 
the crisis might be resolved with¬ 
out resort to military measures, 
following two rounds of talks In 
New York with Dr Abdul Amir 
al-Anbari, the Iraqi delegate to 
the UN. 

The team of UN inspectors left 
Iraq on Friday after a long and 
acrimonious dispute with Iraqi 
officials, who refused to let them 
enter the ministry building on 
the grounds that such a move 
would violate Iraqi sovereignty. 


Military contingency plans are 
being held a closely guarded 
secret, but it is widely assumed 
that American, British and 
French aircraft would lead the 
bombing of selected Iraqi targets 
if the ultimatum is ignored. No 
ground assault is reportedly con¬ 
templated at this stage. 

The US Defence Department 
said there were at present 
approximately 21,000 US service¬ 
men in the Gulf area, mostly 
aboard 17 warships, including 
one aircraft carrier, in the Gulf 
itself and six in the Red Sea. A 
second aircraft carrier is in the 
Adriatic. Sh 


Two held after travel group collapses 


By Michael Skaplnker, Leisure 
Industries Correspondent 


FT-SE Eurotrack 100 -1,052.53 

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£ Index ... 8t0 (920) 


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Ulte long git future: _5«p Mg (Sep 08g) 

■ NORTH SEA OIL (Argus) 


faot 15-day Sep_*20*25 (20525) 




For customer Service and - 
other general enquiries calb 


Frankfurt - 

(69)‘15085150. 


ABOUT 50,000 people who booked 
holidays with coach tour opera- 
tor Land Travel have little pros¬ 
pect of recovering their money 
after the Bath-based company 
: went into liquidation yesterday 
and two of its top executives 
‘ were arrested. ■ 

Last night, Avon and Somerset 
police said Valere Tjoile, com¬ 
pany chairman, and Ms Theresa 
McDermott, company secretary, 
had bean released on bail without 
charge after helping with inqui¬ 
ries “into allegations of fraud.” 

Another 2£00 people, already 
on holiday on the Continent, 
were last night struggling, to get 
back home after the collapse as it 
emerged 

that Land Travel .was not a mem¬ 
ber of the Association of British 
Travel Ajgents (Abta> or of the 
Bus and Coach CounriL • ■ 

As a result, customers were not 
covered by any guarantee that 
they-would receive their money 
back or be brought home. 

Liquidators Grant Thornton, 
who moved into the company’s 
office* yesterday morning, said it 
was already apparent that cus¬ 
tomers and other creditors would 
not receive any payment from 
the company. 

- The Foreign Office, said 106 
coaches carrying Land Travel 
customers were heading back to 
the UK from Czechoslovakia, 
Austria, France, Germany, Spain, 
Italy and Holland. It said there 
was little likelihood of holiday¬ 
makers being stranded abroad. 

However, British consulates on 
the Continent have been told to 
be ready to dear with any tourists 
..unable to get hack home. 

The ferry companies P&O and 
Sealink said they would ensure 
that all Land Travel customers 
were able to cross the Channel to 
the UK even if they did not have 
valid tickets: 

Grant Thornton said that 140 
full-time Land Travel employees 
and 200 part-time staff were made 
redundant yesterday. 


•i .'AA45. 



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. 

** * 



stv(C^..rn 


Avon and Somerset police officers enter the Bath premises of Land 


Travel to question chairman Val Tfolle 


By Andrew Adonis 

THE JAPANESE company 
bidding to develop London's 
County Hall is considering suing 
, the government over what it 
claims are losses it has incurred 
while waiting for confirmation of 
its plans for the landmark site. 

The Osaka-based Shirayama 
Corporation is furious at the gov¬ 
ernment's continued failure to 
rule out a rival bid from the Lon¬ 
don School of Economics. 

Mr Michael Howard, the envi¬ 
ronment secretary, decided ear¬ 
lier this week to allow the Lon¬ 
don School of Economics to 
submit a formal bid to move to 
County Hall, opposite the Houses 
of Parliament on the south bank 
of the river Thames, in spite of 
the government's agreement with 
Shirayama for a hotel complex on 
the site. 

The LSE, which is based in 
cramped premises off Aldwych, 
has been given until the end of 
the month to submit a fully- 
costed scheme, after which Mr 
Howard will take a final derision. 
The existing sale contract, agreed 
by Mr Michael Heseltine, envi¬ 
ronment secretary until the elec¬ 
tion, gives the government until 
the end of the year to withdraw 
from the scheme. 

Mr John Ashworth, director of 
the LSE, said a formal bid “would 
be forthcoming”. Since it is 
unlikely to match the Shirayama 
bid - believed to be between 
£50m and £60m net - much will 
depend on the balance of ministe¬ 
rial forces In its support. 

Earlier this month Mr Makoto 
Toyota, Shirayama "s London 
agent, said he was “sick to 
death” at the continued uncer¬ 
tainty and “desperate" for an 
early decision. 

Matters came to a head when 
Mr Takisha Shirayama met Mr 
Howard this week, to be told the 
government had still not made a 
definite derision on the sale of 
the building, which is owned by 
the London Residuary Body on 
behalf of the London boroughs. 

According to the Environment 
Department. Mr Howard has 
since written to Mr Shirayama 
saying that he “understood the 
concerns that were expressed and 
recognised the need to settle the 
uncertainty as soon as possible”. 


The collapse of Land Travel fol¬ 
lows warnings by tourist indus¬ 
try executives that heavy dis¬ 
counting could lead to company 
failures during the summer. 
Grant Thornton said that In one 
instance the company had offered 
a six-day holiday in luxury 
accommodation in Paris for £59. 

In -a statement issued through 
the liquidators, Mr Tjoile said 
price-cutting had been responsi¬ 


ble for the company’s collapse. 
“Operating in a very difficult 
market, we tried an ambitious 
price discounting strategy. 
Although customers were 
delighted with the service and 
outstanding value for money 
they were enjoying, unfortu¬ 
nately the dramatic increase In 
demand over-extended our 

Continued on Page 24 



Wellcome worldwide share 
issue set to meet target 


By Paul Abrahams 
and Sara Webb 

WELLCOME TRUST, the UK 
medical charity, last night 
appeared to have met its target of 
gpiiing more than half of its 73.5 
per cent stake in Wellcome, the 
drugs group. 

The issue, concluded In spite of 
adverse market conditions, would 
be the largest non-privatisation 
secondary offer ever achieved. 

Robert Fleming, the merchant 
bank handling the global share 
sale, is understood to have 
received offers for more than 
360m shares at a price above 
SOQp. The trust has indicated it 
wanted to sell about 330m shares. 

Wellcome’s shares fell 4p to 
826p. The shares are likely to be 
offered at a small discount dose 
to the SOOp floor set by the-trust 

Demand in the UK and the US 
Is understood to have strength¬ 


ened considerably in the past few 
days and to have exceeded tar¬ 
gets. In the UK, applications for 
about 200m shares may have 
been received against a target of 
150m. US applications are 
thought to total 80m-100m 
against a target of 80m. 

The Japanese syndicate, led by 
Nikko Securities and Nomura 
Securities, is expected to have 
received applications for nearly 
20m shares against a target of 
25m. The poor state of the Japa¬ 
nese equity market has made it 
difficult to release funds. 

Demand from continental 
Europe has been poor, while Can¬ 
ada has been particularly disap¬ 
pointing. The UK retail oiler 
received applications about 
£100m of stock, less than the 
£180m set aside, representing 15m 
shares against a target of 20m. 
The scale of the offer and the 
strike price will be decided by Mr 


CONTENTS 


Roger Gibbs, trust chairman. A 
derision will be made by Sunday 
when allocations will be made. 

The seven non-UK regional 
syndicates will fiy to London for 
meetings with Fleming today. 
Allocations will be decided by the 
level of bids and their timing as 
well as their quality. The trust 
and company are anxious for an 
orderly after-market and will 
allocate shares to those appear¬ 
ing most willing to keep them. 

Fleming is also understood to 
be anxious to punish those who 
drove the company’s share price 
down in the weeks before the 
offer by refusing them shares. 

The trust and its advisers have 
mamtarnpH a "green-shoe” option 
which allows Fleming to buy 
back shares for the trust from the 
market if it considers there has 
been over-allocation. 

London stocks, Page 16 


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WR __ 

FINANCIAL TIMES _® FT No 31,819 Week No 30 LOMPOH - PARIS » FRANKFURT ■ HEW YORK ■ TOjCYO 


Postcode: 


A Member of IMRO 















































financial times weekend JULY ;s/july 26.nn 


NEWS: INTERNATIONAL 


Inflation slows in 
key German states 


By Christopher Parfces 
in Bonn 

THE EXPECTED sharp fell in 
west German inflation this 
month has been confirmed, 
with latest figures showing a 
one percentage point drop in 
the rate of price increases in 
three important states. 

Figures released yesterday 
showed vear-on-year inflation 

was only 2.7 per cent in Hesse 
and 3.2 per cent in Baden- 
Wurttemberg. North Rhine- 
Westphalia, the most populous 
state, reported a 3.2 per cent 
rise on Thursday. 

The news, while received 
calmly in the markets, 
prompted an extraordinary 
double-take In the finance min¬ 
istry. A press release quoting 
Mr Theo Waigel. finance minis¬ 
ter, as saying that the fall 
below 4 per cent "supports the 
possibility that the Bundes¬ 
bank will relax monetary pol¬ 
icy in the foreseeable future" 
was later withdrawn. 

The finance ministry blamed 
a "technical mistake"; the 
statement had not been cleared 
by Mr Waigel. it said. “The 
Bundesbank had nothing at all 
to do with it." a spokesman 
claimed 


Although welcome, the slow¬ 
down was almost wholly attrib¬ 
utable to a technical adjust- 
meat as increases in petrol 
duties and telephone charges 
introduced in June last year 
dropped out of the year-on-year 
calculations. 

While aggregate inflation for 
west Germany will not be offi¬ 
cially published for a week or 
more, the latest figures con¬ 
firm the widely forecast cut 
But underlying influences are 
still not easing. The federal sta¬ 
tistics office said the rate of 
increase in producer prices was 
2 per cent in July, compared 
with the same figure in June 
and 1.9 per cent in May. 

Above-average rises for 
heavy heating oiL up 5.7 per 
cent, and butter, up 6.9 per 
cent, cancelled out reduced 
costs for steel and plastics. 

The Bundesbank, which 
allows no interference from 
Bonn in its monetary policy¬ 
making, last week raised its 
discount rate from S per cent 
to 8.75 per cent in pursuit of its 
twin aim s of lower Inflation 
and tighter money supply. 

The move, unpopular with 
government ministers who are 
under pressure from their 
international colleagues 


because of high German inter¬ 
est rates, was made in the 
knowledge that inflation would 
fall this month. 

The Organisation for Eco¬ 
nomic Co-operation and Devel¬ 
opment’s annual report on Ger¬ 
many had earlier said the 
Bundesbank should keep rates 
high for as long as necessary to 
squeeze In na tion out of the 
economy. It suggested a target 
of 2 per cent a year or less. 

Although inflationary pres¬ 
sure is expected to remain 
muted for the rest of this year, 
there is some concern that a 
burst of consumer spending, 
prompted by cancellation of a 
7.5 per cent income tax sur¬ 
charge at the end of June, may 
tempt manufacturers and 
retailers to pass on pent-up 
cost increases. 

The results of this year's 
average 5.8 per cent wage 
awards are already showing 
through in above average infla¬ 
tion in service industries. The 
housing shortage is pushing up 
rents rapidly. 

A 0.5 per cent Increase in 
inflation is already pro¬ 
grammed for January as a 
result of an increase in value 
added tax from 14 per cent to 
15 per cent. 


Thousands turn out for funeral of anti-Mafia ju dge in Palerm o 



Some 8,000 Sicilians who turned out 
to mourn leading anti-Mafia judge 
Paolo Borsellino in Palermo yesterday 
clapped the cortege and hurled insults 
at Italy’s police chief, Reuter reports. 
Judge Borsellino was killed by a car 
bomb with five bodyguards last 
Sunday. Police said they had charged 
a private security guard with aiding 
crime. He was alleged to have refused 
to testify although he was present 
when the bomb went off. 


The Italian government yesterday 
used a confidence vote to push a tough 
anti-Mafia package through the Senate, 
parliament's upper bouse. 

The Senate approved stiff new laws 
against organised crime by 163 votes 
to 106. The legislation now goes to 
the Chamber of Deputies. 

A new anti-Mafia chief prosecutor 
and other investigators will have 
wider. Streamlined powers to fight 
gangsters. Including the use of 


undercover "sting” operations, 
wiretaps and infil trators. The package 
also gives police the power to carry 
out searches without warrants, a 
measure previously adopted in the 
fight against terrorism of the 1970s 
and 1980s. 

Security was strict at yesterday's 
funeral. Several hundred police and 
paramilitary police lined crash 
barriers outside the church, and 
sharpshooters manned the tops of 


nearby blocks of flats. 

Police had warned that both Mr 
Borsellino and a judge investigating 
the corruption scandal in Milan were 
on the Mafia's death-list, newspapers 
reported yesterday. A report by 
paramilitary police, dated three days 
before Mr Borsellino’s murder, warned 
that organised crime was preparing 
to kill both him and Milan judge 
Antonio Di Pietro (pictured above 
right). 


Bush heckled 
as Indochina 


adds to 


By Jurak Martin 
in Washington 

PRESIDENT George Bush 
yesterday morning rounded off 
a difficult political week by 
finding himself in a public 
shouting match with families 
of Americans taken prisoner or 
missing in action in Indochina. 

He was confronted by heck¬ 
lers yelling "release all files" 
and “tell the truth," and was 
forced to break off prepared 
remarks designed to follow up 
his order to the Pentagon to 
make public documents relat¬ 
ing to the fate of the 2,266 
Americans still unaccounted 
for in the Vietnam war. 

After five minutes, during 
which he exchanged heated 
remarks with one of the organ¬ 
isers or the meeting, Mr Bush 
returned to the microphone to 
defend his record. At one stage 
he was again interrupted and 
angrily shouted back; “Will 
you please shut up and sit 
down." It was “simply, totally 
unfair” to suggest he had sup¬ 
pressed information about 
missing servicemen. 

Mr Bush also denied he had 
been party to the alleged 


By Nancy Dunne In 
Washington 

THE US-Canadian beer war 
came to a head yesterday when 
the US imposed a new 50 per 
cent duty on Imports of beer 
brewed or bottled in Ontario in 
retaliation for alleged “discrim¬ 
inatory" practices against 
American beer. 

It is the first time the US has 
imposed sanctions against an 
individual state or province in 
a trade dispute. Molson and 
Labatt, two large Ontario 
brewers, are expected to suffer 
the most severe damage. . 

The US has already twice 
taken, its complaints on beer to 
the General Agreement on Tar¬ 
iffs and Trade (Gatt) and won 
panel rulings. 

Canada has its own com¬ 
plaints against the US. but US 
officials estimate the damages 
incurred by American brewers 


woes 


scheme by the Reagan-Bush 
campaign in 1980 to delay 
release of the US hostages In 
Iran until after the election. 
"What kind of allegation is 
that to make against a 
patriot?" he declared. 

The Iran connection also 
reared its potentially embar¬ 
rassing head with the opening 
prosecution statement yester¬ 
day in the trial of Mr Clair 
George, the senior Central 
Intelligence Agency official 
charged with complicity in the 
Iran-Contra affair. 

Mr Craig Gillen, prosecuting 
attorney, said he would prove 
there was a “massive cover-up" 
involving the CIA and other 
organs of government to con¬ 
ceal Lt Col Oliver North's oper¬ 
ation, run from the White 
House, to resupply Nicaraguan 
rebels with proceeds of clan¬ 
destine arms sales to Iran. 

Mr Caspar Weinberger, for¬ 
mer defence secretary, has also 
been indicted on separate Iran- 
Contra charges. Mr Gillen has 
previously said he expected 
other prosecutions of members 
of the Reagan administration, 
in which Mr Bush served as 
vice president, to follow. 


at 880m compared with $5m in 
damages inflicted by US prac¬ 
tices. 

Mr Julius Katz, deputy US 
trade representative, said in a 
written statement that 
although the US bad an out¬ 
standing dispute with Quebec, 
"unlike Ontario, all other prov¬ 
inces have demonstrated good 
faith in their efforts to imple¬ 
ment the findings of the Gatt 
panel and to make their prac¬ 
tices conform with Gatt rules". 

Deadlines set in US trade law 
forced the US to act now. on 
the eve of a key talks between 
President Bush, Mr Brian Mul- 
roney, Canada's prime minis¬ 
ter. and President Carlos Sali¬ 
nas of Mexico on the formation 
of the proposed North Ameri¬ 
can Free Agreement (Nafta) in 
Mexico City. Clearly US offi¬ 
cials hope to contain the dam¬ 
age to the Nafta talks by limit¬ 
ing sanctions to Ontario. 


US orders 
for durable 
goods rise 
in June 

By Jurek Martin 

US DURABLE goods orders 
rose by 2J3 per cent in Jane, 
reversing the 2.2 per cent 
decline of the previous month 
and underlining the bumpy 
coarse on which the economy 
is now set 

The monthly increase 
exceeded market expectations 
and suggests that the July 
industrial production figures 
wifi Improve on last month’s 
0.3 per cent drop. 

Most industrial sectors 
shared in the increase, though 
transportation orders,- which 
had fallen steeply in May, 
went op by less than most 

Yesterday’s report adds 
some substance to the more 
optimistic mid-year White 
House economic forecasts pub¬ 
lished on Thursday afternoon. 
These project real annual 
growth of 2.7 per cent this 
year, up from the 2J2 per cent 
estimate of January, with 
unemployment dropping to an 
average 6.9 per cent in the 
fourth quarter from the 7.8 per 
cent recorded In Jane. 

While these figures are 
pretty much in the range of 
many private analysts’ projec¬ 
tions, accompanying com¬ 
ments by administration offi¬ 
cials were criticised for their 
overtly political content 

Both Mr Nicholas Brady, 
treasury secretary, and Mr 
Richard Darman, budget direc¬ 
tor, claimed that if Congress 
had passed the president’s eco¬ 
nomic proposals the economy 
would not be in its present 
problematic state. Senator 
James Sasser, the Democrat 
from Tennessee, promptly 
recalled the presidential veto 
of an economic recovery bill 
which contained tax increases. 

Some more doctrinaire 
Republican conservatives, led 
by Mr Jack Kemp, housing sec¬ 
retary, are urging President 
George Bush to “reinvigorate” 
his economic proposals by call¬ 
ing for even steeper tax cuts. 
Including a 50 per cent reduc¬ 
tion in capital gains taxes. 
They want their blueprint 
included in the Republican 
party election platform, to be 
decided next month. 

Mr Alan Greenspan, Federal 
Reserve chairman, told Con¬ 
gress this week the economy 
should gain momentum soon, 
but that unemployment was 
likely to remain above 7 per 
cent for the rest of this year. 


US hits back at 
Canadian beer 



Russians offer deep nuclear arms cuts 


By Neil Buckley 

FURTHER cuts in strategic 
nuclear missiles are possible 
beyond those already agreed 
between the US and Russia, 
but future negotiations must 
include the UK, France and 
China, General Pavel Grachev, 
the Russian defence minister, 
said yesterday. 

Gen Grachev was speaking 
at the Royal United Services 
Institute at the end of a four- 
day visit to London. He said 
Russian scientists had esti¬ 
mated that further reductions 
below the 3,000-3,500 on each 
side agreed between the US 
and Russia this year were pos¬ 


sible, on condition that the 
anti-ballistic missile treaty of 
1972, which laid down strict 
guidelines on the deployment 
of defences against offensive 
nuclear missiles, was observed. 

If such cuts were to become 
a reality, however, Gen 
Grachev said weapons outside 
toe US and Russia, would have 
to be considered. 

"In our view, subsequent 
reduction of strategic offensive 
weapons should be considered 
as a multilateral process, and 
should consider the inter-rela¬ 
tionship between cuts already 
made by the US and Rtlssia, 
and weapons in Great Britain, 
France and China," he sairLT. 


Without the participation of 
these countries, Gen Grachev 
suggested, “further reduction 
of nuclear weapons will 
become a destabilising factor 
not only for Russia, but for the 
.whole world.” 

Gen Grachev said that Rus- 
• sia, which decided In May to 
set up . its own national armed 
forces, ho longer regarded any 
state in the world as its enemy. 
It believed that world peace 
should be preserved on the 
basis of a balance of mutual 
interest, rather-than a balance 
of force, and was "definitely 
against. war as a means of 
. reaching political and eco- 
. nomic agreements." 


Russia, however, was still 
committed to defending Its 
independence and integrity, 
and would maintain its mili¬ 
tary strength at a level that 
ensured deterrence against any 
potential aggressor. 

He said that while the cold 
war was ever, the threat of 
small, local conflicts had 
: increased, especially in eastern 
Europe. 

Gen Grachev warned of lead¬ 
ers in other former Soviet 
republics who were "playing 
the nationalist card, sometimes 
counter to the interests of their 
people.” 

• Russia has agreed to 
become a founding member of 


a consortium to build a pipe¬ 
line to transport oil from the 
Caspian sea region to world 
markets, joining Kazakhstan, 
Azerbaijan, and the Sultanate 
of Oman. Oman will arrange 
financing for the project, 
expected to cost between 8700m 
and £L.5bn depending on 
choice of routes, with Kazakh¬ 
stan. Azerbaijan, and Russia 
contributing labour, materials, 
equipment, and rights of way. 
The pipeline will be an impor¬ 
tant link between western mar¬ 
kets and Kazakhstan, which 
recently signed a deal with 
Chevron, the US oil company, 
to develop the giant Tengiz oil¬ 
field. 


Trade talks 
pea at 
Madrid 
summit 


By Stephen Fldler, Latin 
America Editor, in Madrid 

LEADERS from Spain, 
Portugal and Latin America 
closed the working sessions of 
their summit in Madrid yester¬ 
day, expressing concern that 
failure of the Uruguay round of 
trade negotiations would jeop¬ 
ardise economic reforms of 
recent years. 

The second day of the sum¬ 
mit - the second held by the 
leaders of the Spanish and Por-. 
tuguese speaking countries of 
Latin America and the Iberian 
Peninsula - was taken up by 
economic issues. The leaders 
were expected to reaffirm the 
importance of their economic 
reforms, but also expressed a 
preoccupation with protection¬ 
ist trends. Many countries in 
Latin America have unilater¬ 
ally lowered trade barriers, but 
meet frustration in selling 
products to industrialised 
countries, including the EC. 

Seventeen Latin leaders 
including Cuba's Fidel Castro 
attended the summit, which 
was expected to back a declara¬ 
tion underlining the Impor¬ 
tance of “representative 
democracy” and respect for 
human rights. Despite openly 
expressed pressure on Mr Cas¬ 
tro to reform his political sys¬ 
tem, the Cuban leader was 
apparently unrepentant 

He used his speech to the 
opening session for an attack 
on the US. accusing it of trying 
to govern the planet and 
through its “blockade” of Cuba 
of “genocide". 


Arabs cautious about curb 
on 




By Tony Walker in Cairo 

ARAB foreign ministers 
meeting in . Damascus have 
described as “ambiguous" 
moves by the new Israeli gov¬ 
ernment to curb settlement 
activity In the occupied territo¬ 
ries 

But officials at file meeting, 
convened by Syria to plan tac¬ 
tics for the next round of Mid¬ 
dle East talks, were expected to 
agree to the session going 
ahead, perhaps as soon as next 
month in Washington. 

Briefing reporters after dis¬ 
cussions involving representa¬ 
tives of Lebanon, Syria and a 
joint Jordanian-Palestinian 
team, Mr Farouk al-Sbara, the 
Syrian foreign minister, said 
steps taken by the new govern¬ 


ment of Mr Yitzhak Rabin had 
not provided the "minimum 
level required to push forward 
the peace process”. 

Israel's Arab neighbours, 
including the Palestinians, are 
demanding that it freeze all 
settlement activity, and also 
reaffirm its commitment to 
negotiate within a framework 
of United Nations resolutions 
that call for. an Israeli with¬ 
drawal from land occupied in 
the 1967 war. 

Arab and Israeli participants 
in the US-sponsored peace 
negotiations launched in Mad¬ 
rid last October will decide 
soon whether to bring forward 
the sixth round of peace talks, 
originally scheduled to be held 
in Rome in September. 

Mr James Baker, the US seo- 




retary of state, who concluded 
a Middle East tour In Saudi 
Arabia yesterday pressed the 
Arabs and Israel to . resume 
talking as soon as possible to 
capitalise on improved pros¬ 
pects, for peace generated by 
the defeat of -the hardline gov¬ 
ernment of Mr Yitzhak Shamir. 

In Damascus yesterday, Pal¬ 
estinian delegates from the 
occupied territories, led by Dr 
Haider AbdelShafi. joined Pal¬ 
estine Liberation Organisation 
officials in the Damascus dis¬ 
cussions. 

The previous Israeli govern¬ 
ment had banned contacts 
between Palestinians in the 
territories and the PLO. Mr 
Rabin has Indicated greater 
flexibility. 


French minister admits he 
knew of Aids-infected blood 


By Alice Rawsthom and 
Reuters in Paris . 

MR Edmond Herve, former 
French junior health minister, 
yesterday told a Paris court he 
knew in June 1985 that blood 
stocks being used in 
transfusions were 
contaminated with the Aids 
virus. 

He said, however, that he 
had followed the unanimous 
advice of experts in allowing 
blood stocks to be used for a 
transitional period before blood 
disinfected by heating became 
available. 


Mr Hervd appeared as a 
witness in the trial of four 
former senior health officials 
charged with allowing blood to 
be used for transfusions which 
they knew to be infected with. 
the Aids virus; 

Mr Laurent Fabius, 
first secretary of the socialist 
party and prime minister at 
the time the victims were 
given their transfusions, was 
due to testify yesterday with 
Mr Herve and another member 
of his government, Ms 
Georgina Dufbix, then social 
affairs minister. 

It is not yet known exactly 


how many people contracted 
the Aids virus in France after 
receiving contaminated blood. 
At least 1,200 haemophiliacs 
have already had the virus and 
more than 2S0 have died. 

The lawyers representing the 
victims claim that the final 
tally of sufferers will run to 
several thousand. 

The four health officials on 
trial have been accused of 
using the blood even though 
they were aware that 
disinfection. techniques were 
available and that Aids-free 
'supplies were available from 
other, countries. 


New fashions live on old money 


By Alice Rawsthom In Parte 

THE WORLD'S most expensive fashion 
collections will be unveiled In Paris this 
weekend with the start of the autumn 
haute couture fashion shows. 

Logic suggests that couture - very 
pricey at £ 10,000 for a hand-made suit or 
£30,000 for an evening dress - should be 
one of the most vulnerable areas of the 
depressed luxury goods industry. And 
sales did indeed fell a few years ago at the 
onset of the world recession, hut recently 
the market has shown surprising resil¬ 
ience. 

The turnover of the Paris couture 
houses remained stable at £32m last year, 
according to the Chambre Syndicate de la 
Couture Farislenne. This compares with 
an overall decline of 10 per cent in sales 
of French designer fashion during 1991. 

The nouveau riche customers who 
treated themselves to couture in the mid- 
1980s - on the back of success in the 


stock and property markets - stopped, 
spending when those markets collapsed In 
the late 1980s. But the Paris houses have 
been left with a small, solid base of loyal 
customers armed with old money. 

Despite this resilience, couture is still a 
loss-making venture, governed by arcane 
rules. The Chambre Syndicate regulates 
the number of styles each house must 
show and the seamstresses they should 
employ under rules dating back to the 
late 1940s. 

The Paris houses continue with their 
loss-making couture businesses because of 
the publicity they attract for the perfume, 
sunglasses and cheaper fashion lines with- 
which they really make money. There will 
be 760 journalists and 400 photographers 
covering the current couture collections. 

Such an enormous media presence has 
encouraged other designers, who do not. 
show under the auspices of the Chambre 
Syndicate, to stage events in Paris at the 
same time as the official collections. The 


first couture show this weekend will be 
that of Gianni Versace, the flamboyant 
Milan designer who is not a Chambre Syn- 
dlcale member, at the Ritz Hotel this 
evening. 

Robert Merioz, a young French designer 
backed by Yves Saint Laurent, Is launch¬ 
ing hls first ready-to-wear range this 
afternoon. Thierry Mugler, another 
Frendr designer. Is drawing a hybrid con- 
tare and ready-to-wear collection on 
Wednesday. The Chambre Syndicate stijra- 
lates that an official show should only 
Include couture. 

These un offi cial everts, combined with 
the financial problems of some smaller 
eouture houses, have prompted' the 
French government to review the 
Chambre Syndicate’s rules. The review 
should be completed by the end of this 
year - Justin time for next January’s col-' 
lections. 

Suited to the. high life, . Weekend FT 


Murdoch 
pulls out of 
E German 
tabloid 

GERMAN publisher Mr Hubert 
Burda said yesterday the brash 
Superl tabloid sold in eastern 
Germany had been forced to 
close yesterday after Mr 
Rupert Murdoch, the Austra¬ 
lian-born publisher, decided to 
pull out of the one-year-old 
venture, Reuter reports from 
Berlin. 

Mr Burda said that high 
unemployment in eastern Ger¬ 
many, a harshly competitive 
newspaper market and a lack 
of advertising revenue made it 
impossible to make the tabloid 
profitable in the near term. 

Mr Murdoch's German sub¬ 
sidiary decided on Wednesday 
to pull out of Super I, 

“We’re all standing here in 
tears," a senior manager of the 
paper's 180 staff said. 

The newspaper, whose sex 
and crime formula competed 
directly against the Bild tab¬ 
loid owned Axel Springer, had 
been making heavy losses, she 
said. 

Super! sold 375,000 In eastern 
Germany, well below the 
490,000 achieved by Bild. Mr 
Burda said he did not want to 
run the loss-making business 
by hlmsolf 


The Fhaadal Tinea (Europe) Ltd 
Published by The Financial ’ 
(Europe) GmbH. Frankfurt Br 
Nibelungenplatz 3, 

I: Telephone 
49 69 5 96 44fi»; 
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S Responsible e 

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FT 

COMMENT 

TRAVELS 

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WORLD 








FINANCXAL TIMES WEEKJE^D JULY 25/JULY 26 1992 


3 


NEWS: INTERNATIONAL 


talks hit 
by tow on 
E Timor 

By Victor Matfet In Manila 

NEGOTIATIONS between th* 
European Community and .the' 
AasKxdotion of South East 
Asian "Nationa (Asean) over a 
new -co-operation agreement- 
have been . halted by 
Portuguese objections - to 
Indonesia's human rights 
recordin East Timor. : • 

, .lie dispute Is embarrassing 
fbr-the-EC, whose 12 members 
cannot agree on : how to 
proceed, and frustrating for 
Asean, which was hoping to 
continue the- talks on 
upgrading relations . at a 
meeting-of foreign ministers 
yesterday in Mnnfia ■ : 

“It’s a very unfortunate 
development,” said Ur 
Abdullah Badawi, - the 
Malaysian foreign .minister. 
“We will not want to abandon 
EC-Asean co-operation simply 
because of PortugaL" Asean 
groups Brunei, Indonesia, 
Malaysia, the Philippines, 
Singapore and Thailand. 

One senior EC diplomat said 
he feared the disagreement 
would have an insidious effect 
on relations between the two 
blocs. “Effectively we can’t 
start (negotiations) until we’ve 
cleared the roadblock,” he said. 

Whereas the existing accord 
is a bland statement of good 
intentions, the proposed new 
agreement would include 
provisions on resolving trade 
disputes and on European 
Investment Bank lending to 
Asean states. EC-Asean trade 
has risen to £27bn in 1990 from 
£8bn in 1980, and has been 
rising by 25 per cent annually 
for the last three years. 

Even before the Portuguese 
blocked further talks, EC and 
Asean officials were nwahig to 
agree on the inclusion of 
clauses an human- rights and 
the environment in the new 
agreement Asean ministers 
explicitly rejected any linkage 
between economic cooperation 
and environmental or human 
rights concerns at the-en&of 
an Asean meeting in Manila on. 
Wednesday. . 

Portugal maintains -that ft is 
contrary to EC policy to' 
upgrade.- - relations- rssath 
countries which have poor 
human rights records. 
Indonesia annexed East Tim or, 
a former Portuguese colony, in 
1975, and Indonesian troops 
shot dead at least 50 rivihan 
protestors there in one 
incident in November last 
year. V ' - i 

Mr Douglas Hurd* the British 
foreign ■ secretary,. : -said 
yesterday the human rights 
issue “will not go away", but 
he sought to mollify his Asean 
counterparts by emphasising, 
universal rather than'.western 
principles of human rights, 

. “We are. not talking of the 
imposition of the values, of one 
section of the world on another 
section with different values,” 
he said. “We are talking about 
an understanding of shared 
values and agreement on'how 
they can be applied." 


France’s 
balance of 
trade slips 
into red 

By Alice Rawsthora hi Parle 

FRANCE slipped into a trading 
deficit of FFrS51m (£97m) last 
month after five months of J 
trade surpluses. 

News of the June deficit 
comes at a sensitive time for 
France’s socialist government 
which has previously 
countered criticism of rising 
unemployment by pointing to 
French industry's success in 
its export markets. The. 
socialists are anxious to avoid 
further criticism in the 
approach to September’s 
referendum on the Maastricht. 
treaty and theNational 
Assembly elections next 
spring. 

So far this year French 
companies have benefited from 

buoyant exports which have 
helped to shelter them from 
the sluggish state of the 
domestic market, where high 
interest rates and concern 
about unemployment. have 
dampened consumer d eman d. 
-The value of ^French exports 
rose to FErl06.4bn last month 
from'FFr103.4bn in May. 
However imports rose at a 
foster rate to FFr107.4bn in 
June from FFr99i3bn in the 
preceding month thereby 
pushing the trade account ifito 
the red. -: - - 

Despite, last month’s deficit, : 
Fraiice recorded a healthy 
trading surplus of FFrl6.6bu in. 
the-first half of. this year, 
representing a ‘ healthy 
recovery from • the .deficit of. 
FFr23J2bn for the same period 
00991. 


to revive 


By EhAo Toraosono In Tokyo 

AN emergency:. meeting 
convened by Mr Khchl Miya- 
zawa. Japan’s prime minister, 
yesterday, failed to bolster the 
Tokyo stock market.- Which 
plunged 3.4 per - cent to 
15,497.79, six-year tow, and 
appesued likely to foil further 
-next Week..-;'- V'-- • 

Reports <of the unprecedented 
meeting.had-'.encouraged the 7 
market xn :Thttrsday, but 
prices, fell; yesterdajrafter it 
became dear that fhe govern- 
ment wcruM’simply restate the 
intention to stimulate the econ¬ 
omy later fids year with a sup 1 
plementary budget 
Mr Miyazawa’s statement 
appeared , to confirm earlier 
conmientetry,'finance ministry 
officials that the' government 
would not actively intervene in 
the market in spite;of wide-. 
Quoad fears of further. faTia m. 
the Nikkei stock average 'in 
coming days. .' - 
After the meeting; Mr Miya- 
zawa announced' that an. offi¬ 
cial large-scale supplementary 
budget wouhf decided by 
mid-September.-As for support 
for the market; the meeting 
foiled to come , up with specific 
measures, and the cabinet and 
leaders of-the ruling Liberal 


UN relief 
convoy 
trapped by 
landmines 


A UNITED NATIONS relief 
convoy was trapped near Gor- 
azde, eastern Benina, yesterday 
after hotting tWo land mines on 
Thursday night While frying to 
reach the town, where . 70,000 
hungry people are besieged by 
Serb-backed: forces, '.write 
Laura SHber fo Belgrade and 
Christopher Parkes m Bonn. ’ 

UN officials in Sarajevo said 
a .rescue convoy was'deployed 
yesterday mOrnfoff to Gorazde, 
the last Moslem stronghold 
under sieged by Serb militia. 

Meanwhile in Bonn, six spe¬ 
cial trains, each with room for 
up to 1,000 people, were being 
prepared to pick up refugees 
gathered in . the Croatian town 
of Eadoyac,'50km from Zagreb. 

Germany: has' allowed in 
more than 200,000 people from 
the former Yugoslavia. 

Heads. roD oyer 
Escobar escape 

The bead of Colombia's air 
force was fired yesterday for 
being too slow In frying troops 
in to search for escaped 
cocaine boss Pablo Escobar. AP 
reporte from Medellin. 

The prison governor was 
sacked too, along with the 
commander; of troops at the 
prison who refused to enter the 
prison with three officials who 
were taken hostage before 
Escobar, head of the Medellin 
drhgs cartel, escaped. 

Fiat executive on 
corruption charge 

A c^ieif executive of a Flat sub¬ 
sidiary was arrested yesterday 
in the Milan investigation into 
suspected kickbacks for public 
wqrks: ..contracts, Reuter 
reports from MUan. 

Giancarlo Cozza, 55. manag¬ 
ing director of Fiat’s rolling 
stockunit, was accused of cor¬ 
ruption. 

Lebanon poll date 
angers Christians 

The Lebanese government said 
yesterday the first general elec¬ 
tions in- 20 years would take 
place in August and Septem¬ 
ber, Baiter reports from Bei¬ 
rut 

The rightwing Christian Leb¬ 
anese Forces (LF) group and 
some other fflirtetfHn parties, 
including-supporters of exiled 
rebel Christian leader General 
Mtohri Aoon arid the elections 
shoold be postponed until after 
a Syrian withdrawal 
• .They argue that elections 
told under Syrian military con¬ 
trol would attract only candi¬ 
dates loyal to Damascus. 

Manila signs deal 
to cut debt burden 

The Philippines yesterday 
signed in London a debt reduc¬ 
tion, package with a committee 
representingcommerrial bank 
creditors, writes Jose Galang 

in Manila. 

.' The package reduces the 
country’s debt stock and debt 
service on its medium and long 
term debt with the banks. 


Democratic agreed to meet 
again next Tuesday. 

Most investors consider -the 
government’s move as a “ges¬ 
ture” .indicating concern before 
tomorrow's upper hoiise elec¬ 
tions. Other market partid- 
pante pointed out that it would 
take -more than lip service to 
help share prices. “The market 
is in; a worse condition than 
the government probably 
assesses." said Mr Hirondchi 
Isbfltawa, managing director at. 
Yamaichi Securities. ‘^Mea¬ 
sures which require the mar¬ 
ket to wait for the effects are 
not good enough,” he added. 

Bearishness over the econ¬ 
omy in the past week has been 
cited for the faltering stock 
market. The Bank of Japan- 
indicated that the recovery it . 
had forecast for the autumn 
would be delayed and that the 
economy was still in a “severe 
adjustment phase”. 

The central bank’s assess¬ 
ment was supported yesterday 
by the release of June chain 
store 7 sales figures showing the 
first decline in five years, with 
a 1 1 per cent year-on-year folL 
Department store figures for 
June saw a fourth consecutive 
decline, falling 3.7 per cent 
from the previous year. 




Working hours 
blow in Japan 


A lighter moment for prime minister Kllchi Mlyazawa, right, and finanrin minister Tsntomn Hata 
before yesterday's meeting to discuss reviving the sickly stock market 

LDP poised for poll success 


By Robert Thomson In Tokyo 

JAPAN'S ruling Liberal 
Democratic Party (LDP) is 
likely, to' tighten its hold on 
power in tomorrow’s upper 
house election. The main point 
of interest is whether there 
win be a record low turnout of 
voters. 

Barring an unlikely last min¬ 
ute swing away from the LDP, 
the opposition Social Demo¬ 
cratic Party of Japan (SDPJ) 
will be humiliated after an 

rmi nft pirj n E' 

The perception that the 
SDPJ, formerly the Socialist 
Party, does not provide a real 
alternative to the LDP has 
been highlighted by opinion 


polls showing 40 per cent 
"don't know" responses. This 
reflects general discontent 
with the state of politics. 

Mr Shin Kanemaru, the LDP 
vice-president and “godfather”, 
suggested newspaper polls 
showing a large LDP lead were 
part of a “conspiracy" to 
encourage voters to turn 
against the ruling party or to 
shun the election and spend 
the day at the beach. 

Half the nation’s 252 upper 
house seats are at stake, and 
the LDP is likely to win 70 or 
more, leaving It in a strong 
position to regain a majority 
lost in 1989, when the Socialist 
Party appeared capable of chal¬ 
lenging LDP leadership in the 


more powerful lower house. 

The contrast between the 
opposition party's enthusiastic 
1389 campaign and the lacklus¬ 
tre effort this year could not be 
more striking. With a cam¬ 
paign targeted almost solely 
against legislation allowing 
Japanese servicemen to join 
UN peacekeeping operations, 
the SDPJ has been unable to 
capitalise on concerns about a 
flagging economy. 

Mr Makoto Tanabe, the SDPJ 
leader, has conceded that the 
campaign was poorly handled, 
much to the delight of the 
LDP, which is tainted by brib¬ 
ery scandals and its failure to 
deliver promised political 
reforms. 


By Gordon Cramb In Tokyo 

JAPANESE government moves 
to shorten working hours suf¬ 
fered a setback yesterday when 
a court ruled that an employer 
abolishing Saturday shifts 
could load at least some or the 
lost hours on to the rest of the 
week. 

A call for working hours to 
be reduced was made earlier 
this year by Mr Kiichi Miya- 
zawa, prime minister. His pro¬ 
claimed aim was to turn Japan 
into a "lifestyle superpower” 
- although the issue also 
addressed US and European 
criticism that long hours for 
labour in Japan represented a 
competitive advantage which 
helped fuel its growing trade 
surplus. 

His appeal was echoed in the 
private sector by Sony’s Mr 
Akio Morita and apparently 
taken seriously by organisa¬ 
tions such as the Nikkeiren 
employers' federation. 

However, Mr Hiroshi Yama¬ 
moto, presiding judge at the 
Akita district court in northern 
Japan, though acknowledging 
that the aim of a five-day week 
was to cut total hours worked, 
gave conditional approval yes¬ 
terday to longer weekday 
working. 

He was dismissing a suit 
brought by 30 employees of the 
local Ugo Bank who were 
claiming compensation from 
their employer. 

Along with the rest of the 
Japanese financial sector, in 
1989 Ugo had introduced a five- 


day week for the 1.000 staff at 
its 71 branches, trimming the 
annual official length of time 
worked by each to 1.849 hours 
from 1.891. 

In so doing, though, the bank 
had lengthened each weekday 
by at least 10 minutes, and by 
as much as an hour - to make 
a nine-hour day finishing at 
5.50pm - on busy days in the 
banking calendar. No extra pay 
was forthcoming. 

The r ulin g set only informal 
precedent but was widely seen 
as a test case and was given 
front-page prominence in Japa¬ 
nese evening newspapers. 

The judge said the cut of 42 
hours a year was enough to 
permit an extension of week¬ 
day working as a transitional 
measure. Ugo, when asked last 
night asked what plans it had 
to reduce hours further, said 
merely that “for the industry 
as a whole, this is a subject for 
study.” 

The government's target is 
for a reduction in the working 
year to 1,800 hours by the end 
of the 1996 fiscal year. Accord¬ 
ing to official statistics, Japa¬ 
nese workers put in an average 
2,006 hours last year. Figures 
such as this are viewed in the 
west as a substantial underes¬ 
timate, taking no account of 
obligatory overtime. 

So-called service overtime, 
which goes unrecorded, as well 
as unpaid, is endemic in the 
banking sector, where annual 
hours have been put unoffi¬ 
cially at 2.600. 


• - - vnK/T-: 


























1C’- 




Amongst all major banks and building societies, 
the Aiset Reserve Cheque Account from the Halifax 
has been the highest paying high interest cheque 
account since its launch last yfear. 



HIGH 

INTEREST 



Amount 

Gross 51 p-SL 

Gross 
C..Y.R. 5f ‘ 

Net 5* p.a. 

Nei 

C.A.R. 

£50,000+ 

9.70 

10.06 

7.28 

7.48 

£25,000+ 

8.90 

9.20 

6.6S 

6.85 

£10,000+ 

8.55 

8.S3 

6.41 

6.57 

- £5,000+ 

785 

8.08 

5.89 

6.02 


Which means you not only benefit from a 
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V 


NEWS: UK 


■7TTVANCIAI* TIMES WEEKEND JULY 25. JULY 36 1992 


Treasury fears low tax take will boost PSBR ^uedta * 


By Peter Marsh, 

Economics Staff 

SAGGING tax receipts from 
company profits are likely to push 
government borrowing above official 
forecasts over the next few years, 
the Treasury has indicated. 

The admission comes in an article 
published today in the Treasury Bul¬ 
letin. It says corporation tax reve¬ 
nues will be depressed by special 
factors as economic activity eventu¬ 
ally picks up. 

Since recovery has failed to occur 


in the way expected by the 
Treasury in its latest published fore¬ 
casts. the article adds up to a 
warning that the Treasury's projec¬ 
tions for the public sector borrowing 
requirement will almost certainly be 
exceeded. 

The warning about company taxes 
- which grew strongly in the late 
1980s and last year accounted for 11 
per cent of all tax receipts - comes 
in the same week as the Treasury 
announced tough controls on gov¬ 
ernment spending in order to rein in 
rises in the PSBR. 


But even with the benefit of cuts 
in government programmes - likely 
to total some £l3bn between 1994 
and 1996 - the PSBR is expected to 
climb above forecast levels because 
of revenue shortfalls linked to the 
recession. 

In the March Budget, the Treasury 
forecast a borrowing requirement of 
£28hn this year and £32bn in 1993-94. 
Some City economists estimate the 
figures at £32bn and £41bn respec¬ 
tively. 

The Treasury says in the bulletin 
that once the economy recovers from 


recession “the cyclical rise in 
receipts [from corporation taxes] will 
be less vigorous than that seen in 
the period up to 1989-90". 

Special factors which the Treasury 
reckons will dampen growth in these 
taxes once the economy recovers 
include the historically low rate of 
corporation tax because of recent fis¬ 
cal changes. 

Companies will also be able to cut 
tax payments by claiming relief in 
areas such debt payments, capital 
spending and previous financial 
losses. 


Corporation tax receipts, which 
fell from £205bn in 1990-91 to £l&3bn 
last year, are now projected by the 
Treasury to total £l55bn in 1992-93. 
This figure is £0.9bn lower than the 
corresponding forecast in the March 
Budget. 

The Treasury’s last published fore¬ 
cast in March projects a “real rate 
of return” for companies - a mea¬ 
sure of profitability - of about 7 per 
cent this year after 6 per cent last 
year. 

But with the economy growing 
more slowly than the Treasury 


predicted, the profits growth 
may be reined back, eating into .the 
tax take. , .. 

• Protectionist trade policies ana 
up to a tax on consumers which cod 
£ 12 bn in 1990, or £ie a week for a 
family of four, according to another 
article in the bulletin. 

The article says a successful con¬ 
clusion to the Uruguay round, of 
world trade talks could bring these 
costs down. 

Treasury Bulletin, Summer 1992. 
Published three times a year, S&8L 
available frxjm BMSO. 


Ecu bond 
market 


T ouchpaper 
of unrest on 
the estates 

Paul Cheeseright on the sparks 
that have lit tins summer’s riots 

N O police officer has 29.3 per cent and moving 
been injured In Hill- higher. Recession is trapping 
fields, Coventry, for the skilled and unskilled alike 




»**# * ** * * f 


m «* 




* * 

«r 


. m 


N O police officer has 
been injured in Hill- 
fields. Coventry, for 
the past week. No police 
vehicle has been damaged. 
Such forebearance from the 
more aggressive residents is 
unusual. 

Outwardly this inner-city 
district with its high-rise flats 
and its small council bouses is 
calm. Certainly policemen are 
out on the beat as normal but 
there are suggestions of in¬ 
fighting among the district's 
drug barons and there is fear 
among the peaceable. “1 
wouldn't go out on the streets 
at night on my own." says Ms 
Pauline Jacques, chair of The 
Chantries Tenants and Resi¬ 
dents Association. 

Hillfields, just north of Cov¬ 
entry city centre, was one of 
the two Coventry districts 
where youths clashed with 
police in May in a series of 
disturbances which has proved 
to be the start of a summer 
season of unrest in British 
cities, from Bristol in the south 
to Stockton-on-Tees in the 
north. 

The districts have in com¬ 
mon unemployment and depri¬ 
vation. Hillfields, together with 
its northern neighbour, Foles- 
hill, were the subject of Coven¬ 
try's abortive bid for extra gov¬ 
ernment funding through City 
Challenge, the scheme run by 
the Department of Environ¬ 
ment to encourage towns and 
cities to compete for finance 
for urban redevelopment and 
regeneration projects. 

The two districts have the 
highest unemployment in Cov¬ 
entry. The rate in St Michaels, 
a ward of Hillfields, is 28.3 per 
cent, while in Foleshiil it is 
24.7 per cent. Male unemploy¬ 
ment is respectively 34.9 and 

PM gives 
public 
support 
to Mellor 

By Ivo Dawnay, 

Political Correspondent 

THE PRIME minister yes¬ 
terday reaffirmed his support 
for his embattled national heri¬ 
tage secretary, Mr David Mel¬ 
lor, insisting that he would 
remain at his post 
In his Huntingdon constitu¬ 
ency, Mr Major said: “We are 
absolutely committed to mak¬ 
ing sure we improve the profile 
and commitment to the arts, 
heritage and sport 
“David Mellor is very , well 
qualified to deal with that job. 
He is doing it extremely well. 
He is going to go on doing it” 
It was the first endorsement 
in public by Mr Major of the 
heritage secretary since news¬ 
paper revelations last Sunday 
of Mr Melloris alleged relation¬ 
ship with a 3l-year-oId actress. 
It came as the pressure on Mr 
Mellor appeared to be easing. 

Yesterday, the minister 
made a well-publicised visit to 
his parents in-law, clearly 
aimed at projecting a concilia¬ 
tory impression after press 
reports of rows within the fam¬ 
ily. Mr Mellor, asked by report¬ 
ers whether be would resign, 
replied: "Absolutely not”. 

Ministers now believe Mr 
Major's backing of Mr Mellor 
should ensure the political sur¬ 
vival of the national heritage 
secretary, provided there are 
no further embarrassing disclo¬ 
sures. 

Mr Mellor also appears to 
have the backing of most MPs, 
who are growing increasingly 
angry at the press criticism. 
Only one Tory MP, Mrs Ann 
Winterton. has so far publicly 
called for his resignation. 

Mr Mellor’s wife Judith has 
written to The Sun, the Daily 
Mirror and Today, protesting 
at some of their reports. 


29.3 per cent and moving 
higher. Recession is trapping 
the skilled and unskilled alike 
in districts where housing is 
poor, crime is high and the 
industrial infrastructure is 
crumbling. 

Local resources to combat 
the rise In unemployment are 
running out. Mr Davinder 
Panesar. training and develop¬ 
ment manager at the Indian 
Community Centre in Folesh- 
ill says: “Every day we will 
have several dozen people who 
are made redundant and have 
basic skills. The training provi¬ 
sion is fulL Even middle man¬ 
agement is being made redun¬ 
dant. There is no hope of a job 
unless you buck up your skills 
and go into something new." 

Ms Jacques, who herself is 
unemployed, adds: "I don’t 
honestly know where people 
would start in finding jobs. 
There isn’t anything." 

For the black population of 
Hillfields and Foleshiil the sit¬ 
uation is more complicated 
than simply being the result of 
the recession. Coventry's City 
Challenge document noted that 
“nearly half the population of 
the area are black. They have 
particular needs and experi¬ 
ence problems of discrimina¬ 
tion and racism." 

Employment prospects 
among ethnic minorities are 
being undermined by racism, 
says Ms Julia Sudbury, co-or¬ 
dinator of the Osaba Women's 
Centre, an Afro-Caribbean 
group. “There Is racism in 
training and education, there 
is discrimination at the point 
of recruitment.” Poverty exac¬ 
erbates communal unease: 

Cahan. a local group set up 
to combat racial harassment, 
said it had received five 
complaints of harrassment 


•‘•"•■Siam 




- • ' V v*v* 

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On the line: police sealed off roads in the Whalley Range area of Blackburn, Lancashire, when about 3,000 youths took to the streets for a second night of violence 


MORE THAN 60 people were arrested 
during a further night of disturbances in 
three northern towns on Thursday. 

In a second evening of trouble in Black- 
bum, Lancashire, 40 people were arrested 
after rival groups of youths turned 
against the police. About 3,000 youths had 
been on the streets at one time, police 
said, and 51 petrol bombs had been found. 


In Burnley, Lancashire, 22 people were 
arrested in a fifth night of disturbances 
on the Stoops estate. Police said that 
fewer than 50 youths were now thought to 
be responsible for the continuing vio¬ 
lence. 

In Huddersfield, West Yorkshire, police 
officers were pelted with stones and pet¬ 
rol bombs on the Brackenhall estate in 


the early hours of yesterday. F i refighters 
were also pelted with bottles and stones 
during the unrest, which lasted for 3Y> 
hours in spite of pleas from community 
leaders for peace on the estate. A police 
officer was treated in hospital but there 
were no arrests. 

There has been unrest in eight towns 
since the early summer. 


on Friday last week alone. 

Mr Panesar observes that 
many in the Asian community 
of Foleshiil had “a rural back¬ 
ground in Pakistan", had been 
in unskilled work and had not 
needed to know English. 

She says: "Their skills are 
not relevant to the UK and its 
culture." Such disadvantages 
mean that “for them to be in 
the mainstream, they have to 
have something extra." 

The City Challenge bid for 
£37.5m over five years was a 


means of providing that “some¬ 
thing extra". Based on four 
flagship projects, it sought to 
create jobs and provide the 
training so that those jobs 
could be filled by Hillfields and 
Foleshiil residents while, in the 
background, smaller grassroots 
schemes would tackle other 
problems. 

The government’s refusal 
last week to support the bid 
left Coventry City Council 
angry. The reasons for refusal, 
Mr Brian Clack, the leader, 


Iranians to be deported as 
‘national security’ threat 


By Jimmy Bums 
and Edward Mortimer 

BRITAIN yesterday announced 
it was deporting three Irani¬ 
ans, two of them locally 
engaged embassy officials, for 
reasons of “national security" 
in a move that marks a further 
deterioration in relations 
between London and Tehran. 

The deportation order fol¬ 
lows the announcement by the 
Iranian government earlier 
this week that it was expelling 
Mr Geoffrey Brammer, a Brit¬ 
ish diplomatic for “acts violat¬ 
ing diplomatic norms”. 

The Foreign Office said last 
night that yesterday's deporta¬ 
tion order followed "painstak¬ 
ing investigations" into the 
activities of the three Iranians 
which pre-dated Iran's move 
against Mr Brammer. 

The investigations, believed 
to have involved the Special 
Branch and Mia, focused on 
the alleged intelligence activi¬ 
ties of the three Iranians 


among the political dissident 
community. At least one of the 
Iranians is thought to have 
been involving in tracking Mr 
Salman Rushdie - under an 
Iranian death threat because of 
bis book The Satanic Verses. 

UK officials played down 
reports that the three Iranians 
had got as far as plotting to 
assassinate Mr Rushdie and 
there was no confirmation that 
one of the Iranians had been 
spotted at one of the author's 
public engagements. 

But friends of the author 
belonging to the Rushdie 
Defence Committee said that 
yesterday’s move was a “fur¬ 
ther indication of the close 
connection between planned 
terrorist acts and the Ir anian 
government”, and showed that 
the death threat was still hang- 
ing over Mr Rushdie. 

One of the Iranians Is Mr 
Mehdi Sayed Sadeghi, who 
worked in the embassy's pass¬ 
port section. Another is Mr 
Mahmoud Medhi Soltani, who 


was in the embassy's public-re¬ 
lations department. Neither 
were accredited as diplomats, 
and Mr Sadeghi is believed to 
have been working without 
necessary immigration papers. 

UK officials could provide 
few details about the third Ira¬ 
nian, Mr Gassem Vakhshiteh, 
who had been living in the UK 
as a student 

Last night an Iranian 
embassy official who refused 
to identify himself, accused 
Britain of taking “tit-for-tat 
action", and described the alle¬ 
gations against two members 
of the embassy staff as “abso¬ 
lute nonsense”. He said that 
the student had arrived in the 
UK last autumn, but that the 
embassy had no contact with 

hiwi- 

Until recently UK officials 
hoped that relations with Iran 
were in the process of improv¬ 
ing, particularly after Tehran 
helped in securing the release 
of British hostages held in Bei¬ 
rut 


told the environment depart¬ 
ment were “spurious". He said 
the reasons sought to justify 
“what is clearly a decision to 
favour other authorities on 
party political grounds". But it 
also left the council with a seri¬ 
ous financial problem. 

Its sources of (finding for 
Hillfields and Foleshiil are nar¬ 
rowing. The government’s deci¬ 
sion this week to rein in public 
spending means, says Mr John 
Fletcher, deputy leader of Cov¬ 
entry City Council that “we're 

[Ulster 
talks to 
enter third 
strand 

By David Oman 

A MEETING in Dublin next 
week between, the British and 
Irish governments will mark 
the start of a new phase in the 
talks on the political future of 
Northern Ireland. 

It represents the beginning 
of “strand three" of the talks 
under the highly complex 
structure for negotiations. 

Yesterday it was agreed in 
Belfast that “strand two", con¬ 
sisting of talks between the 
British and Irish governments 
and four Ulster political par¬ 
ties, would resume on Septem¬ 
ber l after a five-week summer 
recess. 

This decision was facilitated 
by an agreement to make the 
week beginning September 28 
the earliest date for the next 
meeting of the Anglo-Irish 
Conference. 


in for a really hard time”. 

The authority made its own 
budget cuts for fiscal 1992-93 to 
avoid capping. For 1993-94 It is 
going to have to cut at least a 
further £3m from its overall 
spending. Its capital spending 
is In any case constrained. 

But it is also receiving less 
from the government’s Urban 
Programme, which provides 
regeneration funds for 57 local 
authorities. Funding this year 
of £4.6m, most of which was 
'spent on Hillfields and Fole- 


shifl, was down 10 per cent on 
1990-91 Next year's spending is 
likely to be in .the region of 
£4m. The more the government 
spends on City Challenge, the 
less it has for other Urban Pro¬ 
gramme activities. 

Since 1987, the government's 
Task Force, a series of inter¬ 
departmental teams helping to 
revive local economies, has 
spent ElS.lm - £6.4m from its 
own budget with the rest com¬ 
ing from other sources - in 
Hillfields and Foleshiil 

But it is being withdrawn 
next March. Although it leaves 
behind a a legacy of training 
programmes and an enterprise 
fund which in five years, has 
helped 190 young businesses 
and created about 460 jobs, 
community leaders are bitter. 

But Mr Fletcher says he 
wonders why aid is leaving 
when the problems have not 


Police start probe 
into broking firm 


By John Mason 

POLICE are Investigating 
the affairs of Lovell, & 
private client stockbroking 
firm based in Newcastle which 
dealt In securities and traded 
options, it was disclosed yester¬ 
day. 

The move follows an inquiry 
into the firm by the Securities 
and Futures Association which 
yesterday announced it was 
finally expelling Lovell from 
its membership on.the grounds 
it was no longer fit and proper 
to carry out investment busi¬ 
ness. 

The inquiries by the North¬ 
umbrian police fraud squad are 
focusing on the withdrawal of 
funds from the clients' bank 
account to buy a financial ser¬ 
vices company. • 

Two directors of the firm, 
Mr Thomas Lovell the chair¬ 
man, and Mr John Hickey, the 
compliance and finance direc¬ 
tor, have already been 
severely reprimanded by the 


SFA over the withdrawals 
which abused its Client Money 
Regulations. 

Earlier this month, the SFA 
reprimanded Mr Lovell and Mr 
Hickey, along with Mr Robert 
Foster-Moore, the traded 
options director and Mr Rich¬ 
ard Hexton, an options dealer, 
for dealing In traded option 
contract for clients without 
having reasonable cause to 
believe the contracts were suit¬ 
able. 

The SFA also found that 
Mr Hexton, Mr Hickey and Mr 
Foster-Moore had issued a mis¬ 
leading advertisement to 
Induce prospective clients to 
invest. 

Lovell was wound up in the 
High Court in October 1990 
after being suspended by The 
Securities Association for foil¬ 
ing to meet capital adequacy 
requirements. . 

Since then investors have 
been paid more than £650,000 
from the Investors Compensa¬ 
tion Scheme. 


b | THE MARKET in Ecu bonds, 

[ one of Europe’s fastest-growing 
e | financial markets, virtually 
| seized up yesterday as the lat- 
» est victim of the stresses 
l | within the exchange rate 
1 mechanism, Richard Waters 
(writes. 

\ An official halt was called as 
! Hankt {-hat Haft! in the market 

[ were excused the obligation to 
[ quote buy and sell bond prices 
to each other. The Bank o£ 

[ Rngtanrf and the French Trea- 
{ sury. both of which have raised 
| substantial sums by issuing 
l Ecu bonds, called meetings 
with marketmakers to try to 
| restore some confidence. 

{ The suspension of normal 
I trading demonstrates how lit- 
| tie confidence financial mar- 
| kets how have that European 
I economic and monetary union 
| will be achieved. There has 
been heavy selling of Ecu 
( bonds since the Danes voted to 
| reject the Maastricht treaty 
[ with selling intensifying after 
r Germany raised its discount 
I rate a week ago. 

[ ISMA, the body which over- 
j sees the international bond 
| markets, said it believed 
I marketmaking would resume 
{on Monday. Dealers reported 
I that investors were still able to 
deal with marketmakers yes¬ 
terday. 

Plasterboard cost 
expected to rise 

I PRICES paid for plasterboard. 

I one of the most basic building 
materials, are expected to rise 
by nearly 10 per cent following 
a restructuring of list prices 
and discounts by BPB Indus- 
I tries, which supplies about 65 
per cent of plasterboard sold in 
Britain. 

This marks the end of a 
three-way price war between 
BPB. Lafarge Copp€e of France 
and Knauf of Germany. BPB 
says a decline in list prices will 
■ [ be more than offset by reduc- 
j tiong in discounts, 
j Sales prices, after allowing 
I for lower discounts, are expec¬ 
ted to rise on average by 
nearly IQ per cent. This follows 
a price rise of about 4 per cent, 
after discounts announced ear¬ 
lier this year by Knauf. 

BPB's share price rose 9p to 
I44p after it announced the 
j price changes. 

Hatton denies 
eight charges 

I MR Derek Hatton, former dep- 
[ uty leader of Liverpool City 
Council yesterday pleaded not 
guilty to eight charges of con¬ 
spiracy to defraud the counciL 
He appeared at Stafford Crown 
Court with six others, all fac¬ 
ing various charges or conspir- 
I acy to defraud the council 
J The case was adjourned to 
Liverpool Crown Court on 
October 14 for further legal dis¬ 
cussions. 

Call to end 
rundown of mines 

A MORATORIUM on the fur- 
j ther rundown of Britain's deep 
mines was urged yesterday by 
politicians, trades unionists 
I and industry experts in the 
I north-east as part of a cam¬ 
paign to highlight the strategic 
I importance of coal as an 
energy source. A conference at 
I Bedl ington, Northumberland, 

I organised by the independent 
Regional Energy Foundation, 
called for an EC ban on the 
damping of cheap imports 
from outside the community. 

Post Office 
chief appointed 

MR Bill Cock bum has been 
appointed Post Office chief 
executive for three years from 
October 22. He is managing 
director of Royal Mall 
Sir Bryan Nicholson, Post 
Office chairman, is to move to 
apart-time basis. He leaves the 
board at the end of the year. * 


Land Travel failure leaves customers and staff stranded 


By Tim Lawrence 

THE spectacular collapse of Land 
Travel has stranded employees and 
holidaymakers alike. 

Inside the company’s smart Chur¬ 
chill House offices in Dorchester 
Street. Bath. 130 staff - some 
dressed in black ties after being 
warned of the impending doom - 
were told they no longer had jobs. 

Outside the offices a crowd of holi¬ 
daymakers were left to consider that 
they not only had no holidays but 
also little chance of getting their 
money back 

Meanwhile the collapse of Land 
Travel prompted a flood of horror 
stories from disgruntled customers, 
while abroad others were coming to 
terms with finding themselves 


stranded, or at the mercy of coach 
and ferry operators. 

Among the luckier ones were 
seven coach loads of Land Travel 
customers who arrived at the Euro 
Disney resort outside Paris yester¬ 
day morning. They were allowed in, 
despite the fact that they did not all 
have valid entry tickets, and Euro 
Disney reported that the coaches 
were still waiting patiently, at the 
gates for them late yesterday even¬ 
ing. 

About 80 Land Travel customers 
had arrived at the park two weeks 
ago without valid tickets, according 
to Euro Disney. On that occasion 
Euro Disney gave complimentary 
entry tickets to about 20 of the cus¬ 
tomers. 

Mrs Phyllis Pratt, of Corsham, 


Wilts, was another customer enticed 
by the cut price holidays. She 
booked a four-day coach trip to Hol¬ 
land costing £100, including travel 
and hotel accommodation. 

She was let down on two separate 
occasions at short notice. Land 
Travel cited coach problems as the 
cause for the cancellations, she said. 

“They treated me extremely shab¬ 
bily. I always got the impression 
they were holding something back," 
Mrs Pratt said. “It was such a disap¬ 
pointment because 1 was looking for¬ 
ward to a holiday to help me get 
over losing my husband." 

Among the anxious customers 
waiting the company's offices after 
doors were locked at 9.45 am' yester¬ 
day was Mr Alex Fleming, a social 
club organiser from Tewkesbury, 


near Cheltenham, who had booked a 
£4,960 seven day trip to Spain for 
himself and 21 family and friends, 
which was cancelled on Thursday. 

“We are absolutely rick. I was hop¬ 
ing that by coming down here this 
morning I could get some sort of 
reimbursement, so . that I could 
arrange another holiday but I’ve, 
been told we've lost everything." 

Mr Judah Duiker and Mrs MeUde 
Duiker travelled 250 miles from York 
to claim money for a holiday to 
Rome which was cancelled at the 
last minute on Thursday. The couple 
left empty handed. 

Mr-Duiker said:.“We have been in 
Britain for two years and we wanted 
to see as much of Europe as possible.. 
We have lost money in terms of pay¬ 
ing almost £100 for visas to enter 


France and Italy and £176 on the 
holiday." ■ 

Before the police ami .liquidators 
moved in Land Travel offered, a 
range of cut-price European holi¬ 
days, Including three nights in Paris 
or Brussels at £49, ten days in 
Poland at £159 and tours to the Aus¬ 
trian lakes, Czechoslovakia, Switzer¬ 
land, Prague and the. Black Forest 
for less than £150. A week in- Costa. 
Brava at Christmas cost £I 5 q and a - 
week in Rome over the new year 
was priced at £104. 

Avon and Somerset police said 
they had received a number of com¬ 
plaints over a period of time regard¬ 
ing Land TraveL 

Company records reveal that Land 
. Travel has been in financial trouble 
for sometime. : • ■ 


os ! er ' m for Bath, 
“^uiry Into Land 
msel and called for new laws to 
make tour operators produce evi- 
*5“ of confirmed bookings. 
hpamf re ou ?kt to be government 
da on wckage holi- 
J5JUSS covered by the 

Association of British Travel 
Agents." he said. e 

■ Mr Foster added: “In suite of 
tbeinessage hi jSteL 
01 0011186 yon are 
™ your O'"® choice, but if 

you do not go with an ABTA com- 

^nonces. He said he would investi- 
^ Travel holiday 
S? 8 ® 8 ® we ^ "It is miS 










Barcelona ’92 Ol ym pic Games. 

. IN CADVLONIA,OF COURSE. 

This is where Barcelona is, in Catalonia, a A country which has understood and motivated Olympic Games for its capital, Barcelona, 

country in Spain with its own culture, language and the genius of Picasso, the force of Mir6, the imagi- Now you know where Barcelona is. In 

identity. nation of Dali, the innovative approach of Tapies, Catalonia, of course. 

A country with a population of only six million the art of Montserrat CabalM and Josep Carreras, 
people, which has exp erienced a growth which has the mastery of Pau Casals, the daring of Gaudi... 

«. made it one of the motors of Europe. A country which is visited every year by 16 

A country in which many foreign enterprises million people from all over the world for its climate 
-European, North American, Japanese—have and its unique tourist, sports and cultural facilities. AUTONOMOUS GOVERNMENT 

invested and are still heavily investing. A country with the know-how to get the OF CATALONIA 



GENERAUTAT DE CATALUNYA 


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Ex-executive wins £804,860 for unfair dismissal 

Damages awarded 
against Nissan UK 


By John Mason 

DAMAGES of £304.860 were 
yesterday awarded against Nis¬ 
san UK, the car distributor, 
after a High Court judge ruled 
that a Cornier assistant manag¬ 
ing director had been unfairly 
dismissed. The award is 
believed to be the largest in an 
employment action. 

Mr Stan Cholaj. now manag¬ 
ing director of the importer- 
distributor company for Seat 
cars in the UK. won the dam¬ 
ages after the judge had ruled 
that Nissan UK had breached 
his employment contract by 
reducing his responsibilities to 
cover only the sales of fleet 
cars. 

Mr Cholaj. who worked pre¬ 


viously for Ford UK and Thorn 
EMI left Nissan UK in June 
1989 after clashing with Mr 
Octav Botnar, chairman and 
managing director of Nissan 
UK. Shortly before. Mr Botnar 
had failed to sell his Nissan UK 
company to Nissan Japan, the 
car manufacturer, and was try¬ 
ing to boost sales of the out¬ 
dated Bluebird model to fleet 
operators. 

Mr Botnar relieved Mr Cho¬ 
laj of most of his responsibili¬ 
ties and instructed him to con¬ 
centrate on building fleet car 
sales - an area in which he 
had little previous experience. 

Mr Cholaj, who had been on 
a salary of £150.000 a year with 
a 10 -year notice period, had 
said his appointment to fleet 


sales had undermined his 
authority and must have been 
intended to do so. 

He bad rightly felt humili¬ 
ated by Mr Botnar altering his 
job responsibilities. Judge Lau¬ 
rie said. Before taking the job, 
Mr Cholai had known of Mr 
Botnar's autocratic manage¬ 
ment style - and having gone 
into the kitchen had to put up 
with the heat. 

However, his contract had 
been breached because the job 
of supervising fleet car sales 
was not in line with his status 
as assistant manag in g director, 
the judge continued. 

Mr Botnar had adopted a 
“take-it or leave-lt attitude" 
and made the issue a resigning 
matter. 


Minister signals survival 
of education authorities 


By Andrew Adonis 

A CLEAR signal that the 
government does not intend to 
announce the demise of elected 
local education authorities in 
next week's education white 
paper was given yesterday by 
Baroness Blatch. the schools 
minister. 

Instead, it seems that coun¬ 
cils are to be allowed to sur¬ 
vive so long as they are respon¬ 
sive to local demands. 
However, the government still 
hopes to increase the number 
of schools opting out of local 
authority control, resulting in 
many authorities losing their 
direct managerial function. 

The abolition of LEAs is 
known to have been one of the 
options considered by the gov¬ 
ernment, and local authorities 
will greet the news with relief. 

“If they are to remain play¬ 


ers, local authorities will need 
increasingly to recognise the 
position of schools and parents 
as consumers." Baroness 
Blatch said, addressing the 
Council of Local Education 
Authorities' annual conference 
in Blackpool 

She singled out the new 
regime for inspecting schools 
as one in which local education 
authorities could play a con¬ 
structive role. 

“LEAs will be able to play a 
part if they are willing to meet 
the necessary standards of 
inspection. I expect many will 
do so,” she said. “There is clear 
evidence that at least some 
authorities are recognising the 
imperatives of greater competi¬ 
tion and are implementing 
changes to the way they 
deliver services." 

She also highlighted the 
monitoring of assessment stan¬ 


dards in primary schools. “If 
LEAs are to retain this role, 
they will need to demonstrated 
that they are committed and 
competent." 

Mr Jack Straw, the outgoing 
shadow education secretary, 
told the conference: “If local 
education authorities did not 
exist, they would have to be 
reinvented, even if the model 
used was a far less accountable 
one.” 

• Baroness Blatch implicitly 
rejected plans put forward by 
the teachers’ pay review body 
last week for performance pay 
based on bonuses for staff in 
high-achieving schools. 

She said: “Incentives should 
be there not only for the suc¬ 
cessful teacher, but also for the 
teacher who is striving to 
maintain standards in a school 
which overall is just ticking 
over or even foiling.” 


INVITATION 


For the submission of Declarations of Interest for the separate Purchase of the production units wmt other 
assets of "HELLENIC CHEMICAL PRODUCTS & FERTILIZERS COMPANY SA." of Athens, Greece 

By virtue of the decision No. 7714/20.7.1992 the Athens Court of Appeal approved the separate sale of the production 
units and other assets of "HELLENIC CHEMICAL PRODUCTS & FERTILIZERS COMPANY S.A.% of Athens. 
Greece (the "Company"), which has been declared, by virtue of decision No. 4299/1992 of the Athens Court of 
Appeal, under the status of special liquidation according to the provisions of Law 1892/1990. 

In view of the above "ETHNIKI KEFALEOU SA. Administration of Assets and Liabilities", in its capacity as 
Liquidator of the Company, appointed by the above decision, invites interested panics to submit within 20 days from 
the publication of ibis Notice non-binding written declarations of interest for the purchase of (one or more of) the 
production units and other assets of the Company as follows: 

PRODUCTION UNITS AND OTHER ASSETS OFFERED FOR SALE 
(brief description) 

1. MANUFACTURING - DRAPETSONA INDUSTRIAL COMPLEX ("DlC") 

Manufacturing includes the following: 

(a) FERTILIZERS 

4 production units with a total annual capacity of 600,000 mL 

(b) ACIDS AND AGRICULTURAL CHEMICALS 

2 production lines for sulphuric arid and one for phosphoric arid, with an annual capacity of 360,000 mt, ns well 
as two production lines for hydrochloric acid, one line for sodium sulphate and one tine for potassium sulphate. 
Installations for the production of formulations of insecticides, acaricides, fungicides, seed disinfectants and 
herbicides in liquid or solid form. 

(CJ SHEET GLASS 

Two glass furnaces with a total production capacity of 100,000 Lp a. 

The "DIC* is built on an estate of ZSHXXhD 1 owned by the Company and located by the sea in Drapetsona, 
Piraeus, (t includes two laboratories for analytical chemistry and for soil research respectively and is 
accommodated by exclusive port facilities having two berths and a capacity to accept two ships at a time of appr. 
15.000 tons and 4,000 tons respectively. The 'DIC is also connected with the natio nal railway network. 

2. MINING 

In the mining sector the Company is holding mining licences aver a total area of 350km 1 up to the year 2023 with 
the option for further extension up to the year 2048 at least, two differential flotation ore plants for mixed 
sulphides with a capacity of 700,000 and 400,000 tons respectively with certain sulphides ore of reserves of more 
than 13 million tons and possible 7 more million tons and, in addition, 11 million tons of pyrite, 4 milli on cons of 
chalcopyrite and 121 million tons of manganese ore. 

The mines are located in the area of the villages of Stratooi and Olympias in the rhaltriHilcr Peninsula (Northern 
Greece). 

The Company owns 1,764,000m 1 of land, of which 101 .OOOrn 1 within the area of Stratoni village, containing 
houses of a total built area of 20,295m ; . in Stratoni Bay exist loading facilities, which can accommodate ships of 
up to 15,000 loos of capacity. 

3. QUARRIES 

In the quarrying sector the Company is holding a marble quarry of a variation known as "Hetiokastoa" on an area 
of 21,640,000m 1 and two plants for the processing of marble blocks of a capacity of LS.OOOm*. 

The plants are situated near the town of Hermioni in Peloponnesus on owned land of 106,OOOrn'. On the same 
land there are houses with a total covered area of 5,242m' and offices and stores of a total covered area of 9S4m*. 

4. REAL ESTATE 

Real Estate owned by the Company includes: 

(a) 25,000m 1 of land within and 185,000m 1 outside the territorial limits of the Yalova Area (Province of 
Messinta). 

(b) 36,000m ; of land in the Elefeina Industrial Zone; and 

(c) 14,000m' of land in the Bali (Attica) region outside the "town plan", 

5. PORTFOLIO 

The Company's portfolio includes nine thousand (9,000) registered shares in the Greek company "Chemical 
Industries of Northern Greece S.A.", being 15% of the share capital thereof. 

SALE PROCEDURE 

The sale of the above mentioned production units and other assets shall take place by way of public bids according to 
the provisions of article 46a of Law 1892/1990. 

DECLARATIONS OF INTEREST ALREADY SUBMITTED 

Declarations Of interest for one or more of the above mentioned production units and other assets are required to be 
submitted again by those having already submitted their interest following previous invitations published in the Greek 
newspapers and in Financial Times which invitations referred to the sale of the assets of the Company as a whole. 

SUBMISSION OF DECLARATIONS OF INTEREST - FURTHER INFORMATION 

Declarations of interest should be submitted within a 20-day period, as aforesaid, to the Liquidator of the Company: 
"ETHNIKI KEFALEOU SA. Administration of Assets and Liabilities", of l, Skouleniou Str, IDS 61 Athens, Greece. 
Tci no.: +30-1-323.14.84, far. +30-1-321.79.05, telcr. 216867 KEFGR- For farther information please conuct the 
Liquidator (attn. Mr Peter P, Dracoponlos) ftom lODO to 1200 

The Liquidator 
ETHNIKI KEFALEOU SA 
Administration of Assets and Liabilities 



Shut down: Tony Balding (right) says he feels “terribly empty and a great sense of loss" about the closure of the business 

Rivals mourn loss of Beaver 

It was the company that did all the right things but in the 
end it was beaten by the recession, writes Andrew Baxter 



L ITTLE more than 11 
weeks ago. Mr Tony 
Balding was greeting 
visitors to the Beaver Engi¬ 
neering stand at Birmingham's 
Mach'92 machine-tool show 
with a smile, a cup of coffee, 
and an enthusiasm for his 
products that is typical of the 
devoted famil y businessman. 

This week the devotion was 
still there but it was a little 
harder to smile. On Wednesday 
Mr Balding signed on at Nor¬ 
wich Jobcentre, a week after 
being declared redundant by 
administrative receivers who 
had moved in at Beaver. 

Mr Balding is now the ex- 
managing director of Beaver, 
one of the most innovative of 
Britain's machine-tool compa¬ 
nies, and is wondering what to 
do with himself. “Like every 
family businessman I can 
never separate myself from my 
work," he says. “Even when 
we go on holiday I am dream¬ 
ing up new designs for vertical 
machining centres." 

It has been a grim fortnight 
for the machine-tool industry. 
The Beaver receivership was 
followed on Thursday by news 
that Matrix Churchill, the Mid¬ 
lands based producer, had 
called in the receivers. 

The fears expressed by 
industry leaders - that some 
companies are being kept 
afloat only by the goodwill of 
their banks - are proving cor¬ 
rect The problem is that the 
support is now being with¬ 
drawn. 

Something about the Beaver 
receivership seems to have 
touched a chord in an industry 
that is becoming exasperated 
by its failure to get the mes¬ 
sage about its strategic impor¬ 
tance across to the govern¬ 
ment. “It’s terrible news," says 
one machine-tool builder. “Bea¬ 
ver has done all the right 


things, but the orders weren't 
there." 

Those outside the industry 
might wonder about the fuss 
over the receivership of a com¬ 
pany whose workforce never 
reached 300, and whose peak 
annual sales were just £ 11 .5m. 

The simple answer is that in 
the 41 years since it was 
founded by Mr Balding's father 
Victor - now 76 and, until last 
week, non-executive chairman 
- Beaver has become a beacon 
of excellence that even Its 
rivals say deserves to stay 
alight. 

But there is a more complex 
answer. Beaver may be small 
but its collapse raises some big 
issues - the future of small- 
scale entrepreneurialism in 

In the 1980s the 
company was 
raising quality, 
boosting exports 
and developing 
new products 

competitive global markets, 
the attitude of banks and the 
government to industry, the 
decline of Britain’s manufac¬ 
turing base - and, ultimately, 
the UK’s future as a serous 
participant in the world 
machine-tool Industry. 

Beaver produced its first 
machine tool in 1954 and is no 
stranger to challenges. In 1978 
when Mr Balding visited a Chi¬ 
cago show with his father, they 
discovered the Japanese were 
selling “bed-type” machines - 
heavier, more rigid and more 
accurate than Beaver’s “knee- 
type" range - and for the 
same price. "We recognised the 
implications," Mr Balding 


recalls. “We either had to 
accept the challenge or get 
-out." Beaver took the plunge, 
introducing models just as the 
UK went into the 1980-81 reces¬ 
sion. The initiative saved the 
company as other UK machine- 
tool makers - notably the for¬ 
mer world leader Alfred Her¬ 
bert - went under. 

In the 1980s, Beaver did all 
that the Thatcher government 
was forcing industry to do, 
raising quality, boosting 
exports and developing new 
products. But says Mr Balding; 
“We did all this because it was. 
the obvious thing to do, not 
because they told us to." 

In the boom of the mid-1980s 
the company expanded, open¬ 
ing factories in Peterborough 
and Hales worth, Suffolk. By 
mid-1989 it had 289 employees, 
and a respected range of com¬ 
puter numerically controlled 
lathes and machining centres. 

Then everything went 
wrong. Orders dried up, the 
new factories had to be closed 
and Beaver battened down the 
* hatches. But it has been a very 
different recession this time, 
says Mr Balding. The UK cus¬ 
tomer base has contracted by a 
third in 15 years, yet foreign 
competition in the UK market 
has intensified, mainly from 
Japan,'but also from Taiwan 
and Germany. 

For Mr Balding, the support 
that foreign competitors have 
received to carry them through 
the recession has given them a 
crucial advantage. “One way 
or another, funds are being 
made available. Many large 
Japanese companies have more 
than 1,000 machines in stock 
and one qnestions whether 
they are all funded from their . 
own resources. 

“When we went into receiv¬ 
ership we had 10 machines in 
stock. If the funds had been 


made available to produce 60 
machines for stock, we wuxtSA 
have been able to" rim ifiat 
business at breakeven for at 
least file next lZ moaths;"".' 

However, Beaver's bank 
facility expired on. July % and 
National Westminster Bank 
refused to renew it Beaver did 
not have'enough cash to carry 
it through the . lean summer 
months, and after a last frantic 
search to find a partner. Mr 
Balding had no option but to 
ask for administrative receiv¬ 
ers to be appdnted. 

With the benefit of hind¬ 
sight, he'says , he might have 
done filings differently. The 
company probahly stayed too 
long in femflyr iwnership and 
probably “ spied* too much 

Then everything 
went wrong. 

Orders dried up 
and the new 
factories had 
to be closed 

time and money developing its 
range when it should have 
been looking for an additional 
business leg or finding a new 
owner. 

Ideally, he says, Beaver 
should have become part of a 
larger group while simulta¬ 
neously preserving its entre- 
preneurialism. “It is an indus- - 
try. where scale "is important" 
Fading that^only-a big boost to 
UK demand could have pre¬ 
served Beaver in Bal ding fam¬ 
ily ownership. . r- 

Looking back Over the past 
few weeks, Mar Balding says: “I 
have no reason to feel bitter, 
but I feel terribly empty, and a 
great sense of loss.” 


He does not blame NatWest 
- the banks have a job to do. 
' he says, which is to make sure 
their money is safe - but 
• bCUeves neither the banks nor 
the government understand 
the industry. “Between ihem, 
someone has to take more of a 
medium or long-term view - 
they can’t both assume that 
people are going to come back 
into the industry when busi¬ 
ness comes back to something 
like a normal level of activity." 

But he criticises the govern¬ 
ment both for cutting back on 
the support for research and 
development that helped Bea¬ 
ver fend off the Japanese 10 
years ago, and for the high 
interest-rate policy of 19S9 and 
1990 which sucked the working 
capital out of the company, 
leaving it unable to afford a 
restructuring plan. 

Ironically, the plan that was 
vetoed by Coopers & Lybrand. 
the bank’s supervising accoun¬ 
tant. is being used by its Cork 
Gully Insolvency arm. It is a 
painful strategy, involving end¬ 
ing parts and components 
manufacturing, and concen¬ 
trating on design, development 
and service and assembly. 

A total of 80 jobs have 
already gone, but the plan 
might be the only chance to 
preserve something from the 
debacle. Yesterday, Mr Mark 
Shires, a principal at Cork 
Gully in Norwich, said an 
advertisement in Tuesday's FT 
bad prompted a number • of 
inquiries, and Beaver had also 
secured new machine-tool 
orders in the past week. 

Mr Balding naturally hopes 
the company will survive - 
and not simply because the 
family are the main creditors. 
“It would be nice to see file 
business continue in some 
form, with a new owner to 
carry it forward." 


Court action over Harrods blocked 


AN ACTION for damages in 
the High Court by Lonrho, the 
international trading gronp, 
and Mr Tiny Rowland, its chief 
executive, alleging a dirty 
tricks campaign by the Fayed 
brothers during the row over 
the ownership of Harrods, the 
London department store, was 
yesterday ordered to be struck 
out 

Mr Justice Macpherson said 
the action, launched last year, 
was another round in the “pro¬ 
longed public warfare with no 
holds barred" over the Fayeds’ 
acquisition of the House of 
Fraser stores group. 


If the action were allowed to 
go ahead it would Inevitably 
involve raking over the whole 
dispute with “mud slung In all 
directions”. Mr Justice Mac¬ 
pherson said. 

Lonrho and Mr Rowland 
were ordered to pay the casts 
of House of Fraser’s applica¬ 
tion to have the action struck 
ont. 

Lonrho was refused leave to 
appeal but its lawyers said 
later there were good grounds 
for appeal and further moves 
would be considered. 

The action sought damages 
and an injunction in respect of 


an alleged conspiracy by 
brothers Mohammed and Ali 
A1 Fayed to injure Lonrho and 
Mir Rowland. 

The main figure in the con¬ 
spiracy allegations, Miss Fran¬ 
cesca Pollard, was said to have 
been used as a “tool" by the 
Fayeds in a “long-running cam¬ 
paign of vilification”, with her 
m ain target being Mr Rowland 
personally. 

The judge said that, “in a an 
unpleasant twist". Miss Pollard 
had gone over to the Lonrho 
camp in the summer of 190L 

He said that, over the past 
six years, Lonrho and Mr Row¬ 


land had been intent on dis¬ 
crediting the Fayeds and iiaH 
spared no expense. 

But the Fayeds themselves 
were not “lily-white" and were 
prepared to “descend to the 
depths of vulgarity". 

The judge said he was “scep¬ 
tical" of Lonrho’s claim for 
damages and "even more scep¬ 
tical" of its claim for an injunc¬ 
tion. Neither remedy was 
likely to be available to them. 

Mr Justice Macpherson 
“I fail to see why such a public, 
unpleasant and vitriolic ven¬ 
detta should be allowed to be¬ 
amed in court". 


Companies House 
review is ordered 


By Andrew Baxter 

THE Department of Trade and 
Industry yesterday announced 
a review of Companies House 
that could lead to the foil or 
partial privatisation of the 
Cardiff-based agency. 

The move signals a further 
step in the government's pro¬ 
gramme to put services into 
the private sector where appro¬ 
priate. 

"The government’s job is to 
govern, not to administer,’* Mr 
Michael Heseltine, trade and 
Industry secretary, said yester¬ 
day. “This is the basis on 
which 1 intend my department 
to carry out its review of agen¬ 
cies, starting with Companies 
House." 

Supporters of Civil Service 
privatisation have long argued 
that Companies House Is an 
ideal candidate for privatisa¬ 
tion, but any derision to sell it 


would be considered controver¬ 
sial because of potential impli¬ 
cations for Jobs and because of 
worries over . Impartiality 
under private control. 

The department Is soon to 
appoint consultants to help 
with the Companies House 
review, which will examine its 
operation and role and advise 
on how its work can best be 
carried out in the future. 

Among options to be studied 
will be foil or partial privatisa¬ 
tion. contracting out of some 
activities or continuing as 
present The department prom¬ 
ised full consultation, with staff 
and urilprif. 

Companies House employs 
the equivalent of 1450 full-time 
staff and incorporates compa¬ 
nies, makes company informa¬ 
tion available to the public, 
and takes action against com¬ 
panies winch file their reports 
late. 


Private tax work 
may go to tender 


By Richard Evans 

THE government ■ is 
considering contracting out 
computer processing work on 
taxpayers’ confidential files as 
part at a drive to transfer as 
much civil service work as pos¬ 
sible to the private sector. 

The In la n d Revenue said yes¬ 
terday it was exploring "the 
feasibility of a contractual 
partnership with one or possi¬ 
bly two major, private sector 
computer organisations" to 
process tax demands. 

“No decisions will be taken 
unless it can be demonstrated 
that the highest quality service 
and the best value for money is 
provided," the Revenue said. It 
stressed that the organisation 
would remain responsible.for 
preserving data secrecy. 

Five companies, IBM,' ICt, 
Computer Sciences Corpora¬ 
tion, Digital Equipment Corpo¬ 


ration, and Electronic ■ Data 
Systems have been 
approached, and discussions 
should be concluded in. the 
antnmn. 

The move brought immedi¬ 
ate condemnation from the 
Inland Revenue Staff Federa¬ 
tion on the gronnds that it 
could endanger the confidenti- 
ality of taxpayers. Mr. Clive 
Brooke, federation general sec- 
. retary. appealed for “this dan- 
gerous move" to be reversed. 

The contracting out of 
Whitehall jobs is part of a 
drive to put civil service work 
’"gft to competitive tender 
Departments have, been asked 
• to list activities that could be 
included in.the Initiative 
known as market testing, a 
white paper suggested that 
market testing could save as 
" £>£h as 25 per cent of the 
£ 20 bu total of central govern¬ 
ment annual costs. 


<*" 


c & 


Unit trust 
funds drop 
to £57bn 

By Scheherazade Daneshkhu 

FUNDS under management in 
unit trusts dropped last month 
to £57bn after breaking the 
£60bn barrier in May. 

This was in spite of an 
increase in net sales of unit 
trust personal equity plans to 
£336.4m in the second quarter, 
which pushed the value of unit 
trust Pep funds over the £2bn 
mark to £2.4bn. 

But unit trusts last month 
experienced their first outflow 
since February with sales of 
unit trusts exceeding pur¬ 
chases by £23.5m. Total sales 
tert month were £617.4m. a sig¬ 
nificant drop on the previous 
month -and on the £lbn 
achieved in April. However, 
net inflows in the second quar¬ 
ter of the year, at £ 463 .Sm for 
eacatoed the £255.8m achieved 
in the first quarter and repre¬ 
sented one of the highest quar¬ 
terly sales since 1989 , 
inflows into unit trust Peps 
were aided in the second quar¬ 
ter by the change to Pep rules 
m the Budget by Mr Norman 
Lament, the chancellor. He 
SJSEf 8 ? U«t £ 6,000 could be 

ufot or invest- 

Pep 101111 016 start 
of toe 1992-83 tax year. 

The previous Unfit - except 
for investment trust new 
issues - had been £ 3 , 000 . 
fonome and capital gains from 
Peps are tax-free. 

■ Mr Philip War land, director- 
pneral of the UTA said: “The 
sales of Pep S are a quite 
remarkable achievement in a 
Personal savings market which 

from building 
sooeties and the great attrac- 
«<m of National Savings." 












7 



trip on 


British Airways. 


We’re flying the British Olympic Team to Barcelona. 

British airways _ 

The worlds favourite airline. 












FINANCIAL TIMES WEEKEND Jl'L> - 5 .JILY - - 


FINANCIAL TIMES 

Number One Southwark Bridge. London SE1 9HL 
Tel: 071-S73 3000 Telex: 922186 Fax: 071-W7 5700 

_ Saturday July 25 1992 _ 

The Treasury 
fights back 


LAST WEEK, the UK Treasury 
was under attack. But help from 
its allies - the prime minister 
over control on public spending 
and the principal central banks 
over the exchange rate - has 
given it room for manoeuvre. It is 
not very much room; and it may 
not last for very long. But the 
Treasury does at least remain in 
charge of the principal levers of 
power, other than monetary pol¬ 
icy. 

It may be prepared to bow the 
knee before die Bundesbank. But 
it is not prepared to accept 
upstarts at home. An independent 
Bank of England, free to follow 
domestic monetary targets, was 
never to be tolerated. The Trea¬ 
sury’s permanent enemies are. 
however, neither the Bundesbank, 
nor even the Bank of England, but 
the spending ministries of White¬ 
hall. At a time when recovery 
seems to be "jam tomorrow” and 
□ever "jam today", the battle for 
spending control has to be fought 
more vigorously than for many 
years. 

Blessed with the prime minis¬ 
ter's strong support - the sine 
qua non of effective control over 
public expenditure - the Trea¬ 
sury gained a notable victory this 
week, both in the changes in pro¬ 
cedure agreed by the cabinet and 
in the actual figures. 

The beauty - from the Trea¬ 
sury's point of view - of the new 
procedure is that it will place the 
spending ministers, like scorpions, 
in a bottle of predetermined size. 
At the beginning of each spending 
round a figure will be agreed. In 
this year's round, which will focus 
upon expenditure allocations for 
1993-94. the relevant figure is to be 
the old-style “planning total". This 
is now reconfirmed at the £244.5bn 
agreed during last year's autumn 
spending round. 

From next year - when deci¬ 
sions on revenue, hitherto 
announced in the spring Budget, 
are to be combined with autumn’s 
spending decisions - the opera¬ 
tional ceiling is to be renamed the 
•'control total". This will be the 
planning total, less cyclical social 
security spending. 

Larger bottle 

In 1994-95 and 1995-96, the control 
total is to grow by no more than 3 
and 3/t per cent, respectively, in 
cash terms. After real growth of 
well over 4 per cent in the plan¬ 
ning total between 1992-93 and 
1993-94 (though, says the Trea¬ 
sury, of only 2.8 per cent in a 
notional control total), the real 
increase in the control total Ls to 
be 0.75 per cent in 1994-95 and 1 
per cent in 1995-96. Over the long 
term, the Treasury hopes that 
public spending will grow more 
slowly than the economy. The 
ratio of public spending to gross 
domestic product will then fall 
steadily, along with the deficit. 


The new procedure should work, 
provided the scorpions do fight 
each other rather than collude to 
seek a larger bottle. Their battles 
will not be with the Treasury, 
even if negotiations still take the 
form of bilateral discussions with 
the chief secretary, but with one 
another over shares of the total. 
What will no longer happen, there¬ 
fore, is a series of bilateral discus¬ 
sions whose outcome will deter¬ 
mine the size of public spending. 
And if the chief secretary cannot 
keep the scorpions in order, the 
chancellor’s new cabinet commit¬ 
tee stands behind him. 

Too generous 

Yet even if the procedure itself 
works, it may still not be enough. 

Last autumn's planning total for 
1993-94 was far too generous, 
involving an increase of £l3bn 
over the target agreed in autumn 
1990. The government simply had 
to meet this target, especially 
when inflation is expected to be 
significantly lower both this year 
and next than earlier forecast. But 
it still implies growth of general 
government expenditure of 4 per 
cent in real terms. When the pub¬ 
lic sector borrowing requirement 
is already some 5 per cent of GDP 
and economic growth is. to say the 
least, uncertain, that initial 
increase is excessive. 

All the stringency has been left 
to 1994-95 and 1995-96, by which 
time the public sector's finances 
could look very shaky. If there is 
no recovery, the public sector bor¬ 
rowing requirement might well be 
over 6 per cent of GDP by 1993-94. 
Again, with no strong recovery, it 
would take forever for mild strin¬ 
gency to bring that down to more 
reasonable levels. In the mean¬ 
time. tighter budgets and perhaps 
even higher real long-term inter¬ 
est rates, may make the recovery 
less likely. 

Public sector stringency is 
required in the medium term. But 
what is needed still more is recov¬ 
ery. Some see “green shoots" once 
again. This week's retail sales fig¬ 
ures do little to support that hope, 
even though the British Chambers 
of Commerce argues that the econ¬ 
omy is slowly improving, if frag¬ 
ile. Import growth also suggests 
recovery in demand, but export 
performance is too poor to add 
much to output The economy is, 
in short still bumping along that 
celebrated bottom. 

This is where the central bank¬ 
ers come in. By their intervention 
this week they saved the Treasury 
from having to follow last week’s 
tightening by the Bundesbank. 
But with neglect still the US atti¬ 
tude to the dollar and Italy in 
severe difficulties, further 
exchange rate shocks cannot be 
ruled out. The British Treasury 
has reconfirmed domestic pri¬ 
macy, but it holds sway over a 
battered kingdom. 


T he thousand journalists 
covering the interna¬ 
tional Aids conference In 
Amsterdam this week 
found it far easier to 
write scare stories than to report 
scientific breakthroughs. 

One obsession was a mysterious 
new microbe, possibly responsible 
for several dozen cases in which 
patients bad symptoms of Aids but 
no trace of HIV, the virus that nor¬ 
mally causes the disease. 

On the global level, there were 
statistics galore to show how “small 
discrete epidemics have coalesced 
into a worldwide pandemic sparing 
no region and virtually no country", 
as Dr Michael Merson, director of 
the World Health Organisation’s 
Aids programme, put it. Between 
10 m and ism adults and im chil¬ 
dren are infected, 80 per cent of 
them in developing countries; 2m 
people have developed Aids and 
more than lm have died. Projec¬ 
tions for the year 2000 range from 
30m to 120m people with HIV. 

African delegates described how 
Aids - spread mainly through het¬ 
erosexual intercourse - was 
starting to destroy the social fabric 
of their countries. Aids patients 
take up more than half the beds of 
urban hospitals in countries such as 
Zaire and Zambia. 

The global cost of Aids care, 
research and prevention was about 
$l0bn (£524bn) last year, the Har¬ 
vard School of Public Health esti¬ 
mates. The US alone has already 
spent $10bn looking after people 
with HIV in the 10 years since Aids 
was first recognised as a disease. 

The good news in Amsterdam was 
too subtle to make headlines. None 
of the several thousand doctors and 
scientists at the conference reported 
anything that even the most excit¬ 
able journalist could call a big 
breakthrough. Even so, the pharma¬ 
ceutical industry is making prog¬ 
ress in developing drugs and vac¬ 
cines. Scientists are uncovering the 
bizarre biological processes underly¬ 
ing HIV infection and disease. 

Within the next year or so, new 
drugs such as Glaxo's 3TC.and 
Bristol-Myers Squibb's .d4T are 
likely to begin large-scale clinical 
trials. Although they work in a sim¬ 
ilar way to Welcome's AZT, which 
has had a virtual monopoly of the. 
anti-HIV market since it was rushed 
into production In 1987. they may 
have fewer side effects and/or stron¬ 
ger anti-viral activity than AZT. 

The latest evidence shows that a 
“cocktail” of two or more anti-HIV. 
drugs works better than any single 
medicine on its own. Combination 
therapy will multiply the benefits of- 
new drugs, but unfortunately not to 
the extent of curing patients. 

A dozen candidate vaccines are in 
the first phase of clinical trials. 
None of the uninfected volunteers 
has suffered any adverse reaction 
and their Immune systems have 
developed some of the antibodies 
required to fight HIV. 


T he citizens of Illinois have 
recently ended a 
well-meaning bat ulti¬ 
mately vain attempt to 
combat Aids. For nearly two years, 
all couples planning to marry had 
to be tested for HIV. In theory, it 
was a good idea - but the people of 
Illinois did not agree. Loving cou¬ 
ples either postponed marriage, or 
got married in another state. 

In the first 12 months, only 
159,000 people were tested, at a 
cost of $5.6m (£2.9m). Of those 
tested, a mere 23 were HIV posi¬ 
tive. Faced with this great cost, the 
state caved in: the world’s most 
ambitious exp eriment In compul¬ 
sory mess HIV testing collapse d. 

In Cuba, people found to be HTV 


Grim statistics 
mask advances 

Aids has already claimed a million lives, 
but drug companies are making progress 
towards a vaccine, says Clive Cookson 

UrMtiW infection around the world (Mid-1992)^^, \ 






1 1 mffllon + 1 '■ 


?; m 


V ■ 




500,000 


1 rotffion + i \ . \ 


progress of Aids - 

idly th an an? other rmerobe . N o. 
only are there counties 
strains, but within each UuMdiWl 
person HIV changes character as 
STfeease progresses- I? the early 
years of infection the rote or mute- 
dim is relatively low. Later, after 
the patient's immune defences nave 
collapsed, HIV can quickly change 
into more virulent forms. 

These observations explain why 
patients become resistant to anti- 
HIV drugs more quickly in the final 
stages of the disease. Several experi¬ 
mental drugs have recently been 
abandoned because the virus 
quickly became resistant to them. 

Researchers are now identifying 
the precise genetic changes respon- 
sfole for (frug resistance. They will 
then be able to predict which drug 
combinations are best able to out¬ 
wit HIV’s genetic variability. This 
could be used, to delay the onset of 
resistance or even deliberately cre¬ 
ate resistance in order to weaken 
the virus. (New evidence suggests 
that some mutations which make 
HXV resistant to drugs also make it 
less virulent.) 




, - 

I: t: - ' 


T he pharmaceutical 
industry remains com¬ 
mitted to converting the 
advances in basic sci¬ 
ence into better HIV 
drugs and vaccines. Drug compa¬ 
nies were very visible at the confer¬ 
ence, with marketing staff in the 
vast exhibition hall and researchers 
in the scientific sessions. The indus¬ 
try spends several hundred million 
dollars a year on Aids R&D. Com¬ 
pared to the likely commercial 
return from the products, HTV prob¬ 
ably gets a disproportionate share 
of pharmaceutical research funds, 
because the companies’ scientific 
credfoillty would be at stake if they 
..pulled out of such a fast-moving 
unit m edically important field. 

They got no thanks from the hun¬ 
dreds of Aids activists who were 
officially accredited to the confer¬ 
ence. Act-Up, the most vocal group, 
targeted several companies for 
noisy “die-in" demonstrations, acc¬ 
using them of making excessive 
profits from overpriced Aids drugs. 

Professor Anthony Pinching of St 
Bartholomew’s Hospital in London 
voiced the concern of many special¬ 
ists that the activists would go too 
far. “The industry makes a classic 
pantomime villain but what they 
fail to understand is that its com¬ 
mitment and goodwill is jeopardised 
by their ridiculous abuse,” he said. 
“The executives will eventually 
decide that Aids is too hot politi¬ 
cally and theyTi pull the plug.” 

If the drug companies cut back on 
research it would be a scare story 
for the min i nns of people who are 
dependent upon them to come up 
with a cure. 

of HIV- positive status. Whether or 
not there Is also a new rare unde¬ 
tectable strain of Immune defi¬ 
ciency virus, we will soon have to 
think hard about where and when 
to test our citizens for HIV. 

We shall need to learn the les¬ 
sons from Illinois, confront the 
Issues of civil liberties and stigma, 
but be sturdily aware that, in a 
matter of such consequence, the 
ultimate justification may lie not in 
the private indulgence of the Indi- 
vkhud but in the public health of 
the nation. 

Rex Winsbury 

The author is publisher/editor of 
Aids Analysis Africa. 







i 

* . i „ 

t 


i "■ I ■ 


MALE; FEMALE 
PROPORTIONS 


__ • ; \ ^ ~ f- '/- f 

i 'Si [ '-I f 




30,000 + 


i ^ I » 




mm 7 - 


Vacrine manufacturers and gov¬ 
ernment health bodies in develop¬ 
ing and developed countries are 
now confident enough to be prepar¬ 
ing for large-scale trials, each 
involving several thousand people, 
which could start in 1994-95. 

There will be formidable ethical 
problems: how, for example, to 
obtain informed consent from a 
partly illiterate group to take part 
in a trial in which half receive a 
“placebo” dummy jab and the other 
half a potentially risky experimen¬ 
tal vaccine. Dr Stephen Lwanga, 
director-general of the Uganda Aids 
Commission, said Ms country would 


collaborate with drug companies on 
a large-scale trial, on certain condi¬ 
tions. Tm sure we will come to an. 
amicable understanding on who 
bears the liability if things go 
wrong - and who derives the prof¬ 
its if they go right," he commented. 

Looking further ahead, scientists 
at the conference reported remark¬ 
able progress in understanding bow 
the human immune system first 
defends itself a gains t HIV and then, 
after a few years, begins to suc¬ 
cumb to the virus. This has -been 
by new evidence of bow 
HTV itself changes character in a 
patient, over time by genetic muta¬ 


tion. Together these two avenues of 
research will lead eventually to new 
ideas for treating HIV.. 

-Now that Aids is in Its second 
decade, scientists are paying atten¬ 
tion to the minority of people with 
HIV who are still healthy more than 
10 years after infection. Researchers 
at the Unh^mty of California, San 
Francisco; have discovered that a 
- type of white Mood call called CD8 
keeps HIV under control by sup¬ 
pressing the virus in.infected cells. 

In most people the CD8 .cells lose 
their activity after a few years. 
Then tiie CD4 cells - the immune 
ceils normally, studied to. define the 


A testing dilemma 


positive are forcibly quarantined. 
Quarantining is also legal in Nor¬ 
way, bat has not been put into 
practice for political reasons. 

Nevertheless, experts at this 
week’s Amsterdam conference 
warned that “criminalisation” of 
HIV not only does not work; it is 
also ethically objectionable 

In Sweden, however, 98 per cent 
of p regnant women are tested for 
HIV voluntarily. Norway also tests 
pregnant women. So mass testing, 
on a voluntary basis, can work. 


But with ever more gloomy fore¬ 
casts about the global spread of 
HIV, the issue of compulsory HTV 
testing remains.' 

Ericsson, the Swedish electrical 
multinational, tests managers 
about to go abroad to high risk 
areas, simply because HIV infection 
impairs resistance to other dis¬ 
eases. In the UK, companies such as 
Unilever test managers recruited in 
high risk areas, on the grounds 
that they may travel to coun tries 
which require a negative HIV test 


before a work permit is granted. 

The US Army screens rec ruits 
and rejects those who are HIV¬ 
positive, and tests all servicemen 
and women about every 18 months. 
The policy seems to have worked. 
The rate of HIV infection has been 
dropping; in fact, the US Air Force 
is making tests less frequent 
because its rate has dropped so low. 

So mass screening can work, at 
least In certain circumstances. The 
fear is the stigmatisation and ostra¬ 
cism that often follows revelation 


Man in THE News: Kelvin MacKenzie 


Tabloid terror 
turned hero 

T here has rarely been such Oct 1946; m 1969. Jacqueline Mj 
a tabloid villain as Kelvin Holland; two s one d. Educ Alley 
MacKenzie, editor of The Sch., Dulwich. Address: The Si 
Sun. Britain's top-selling Virginia Street, El 9BH. TV 071-' 


T here has rarely been such 
a tabloid villain as Kelvin 
MacKenzie, editor of The 
Sun. Britain's top-selling 
daily newspaper. His previous con¬ 
victions are legendary. MacKenzie 
and his team have been guilty of. 

• Lies - such as allegations about 
the private life of pop singer Elton 
John which led to a Elm out-of- 
court settlement, and tbe headline 
"The truth" over a story about the 
behaviour of Liverpool fans before 
the Hillsborough football stadium 
disaster, which was no such thing; 
• Jingoism - with headlines such 
as "Gotcha” (one edition) after a 
British submarine sank the General 
Belgrano during the Falklands war, 
and “Up yours Defers" in honour 
of the president of the European 
Commission; 

• Prejudice - for announcing; 
"Straight sex cannot give you Aids 
- official" and suggesting that Aids 
is nothing for normal folk to worry 
about; 

• Bias - for election coverage that 
could have come straight from Con¬ 
servative Central Office - culmin¬ 
ating in the election morning front¬ 
page picture of Neil Klnnock inside 
a light bulb and the white-on-blue 
h eadlin e: “If K innock wins today, 
will the last person to leave Britain 
please turnout the lights.” 

To his detractors, MacKenzie is 
the man who has debauched British 
press standards and is, more than 
any other, responsible for political 
threats to introduce statutory con¬ 
trols on press freedom or privacy 
legislation. 

He is keen to protect his own pri¬ 
vacy. His Who's Who entry is 
almost certainly the shortest in the 
volume: “MacKenzie, Kelvin Calder, 
Editor of The Sun, since 1981: b 22 


Oct 1946; m 1969. Jacqueline Mary 
Holland; two s one d. Educ Alleyn's 
Sch., Dulwich. Address: The Sun, 
Virginia Street, El 9BH. TV 071-782 
4000." 

Admirers, who include Rupert 
Murdoch, his proprietor, see him as 
one of Britain’s most talented edi¬ 
tors, whose loudmouthed tirades 
sum up what the average person is 
thinking or is about to think. 

Yet on Monday evening, Mac¬ 
Kenzie the tabloid terrorist turned 
into cunningly effective defender of 
press freedom. As broadsheet edi¬ 
tors refined their hand-wringing 
editorials on the revelations in The 
People newspaper about heritage 
secretary David Mellor’s affair with 
an actress, Mr MacKenzie struck 
out in the only way he knows - by 
going on the attack. 

The Conservative-supporting edi¬ 
tor of a Conservative-supporting 
newspaper pulled his own revela¬ 
tion out of a hat - that during the 
general election campaign a senior 
cabinet minister had tried to inter¬ 
est him in a sexual smear of Liberal 
Democrat leader Paddy Ashdown. 
The names and addresses of women 
who, it was claimed, had had affairs 
with Ashdown, had been supplied 
by the unnamed minister. The Sun 
says it checked the allegations and 
found them to be untrue. 

MacKenzie decided It was time to 
hit back at hypocritical politicians 
trying to blame newspapers for soci¬ 
ety's ills. He decided it was time, in 
his favourite phrase for causing 
mayhem, to put "a ferret up the 
trouser leg". 

Surprisingly, he chose to drop bis 
bombshell on the Radio 4's rather 
sedate programme, The World 
Tonight. It is MacKenzie’s favourite 
radio programme. He listens on the 



1 


5>»* •«. 


car radio as he travels home with 
the first edition of The Son safely to 
bed. “It’s taught me all 1 know 
about Bosnia," he says admiringly. 

That day, The World Tonight and 
everyone else were chasing Mac¬ 
Kenzie for an interview on the Mel- 
Ior affair. The television stations 
were being ignored, but Mac- 
Kenzle’s office was talking to a pro¬ 
ducer from The World Tonight No, 
he would not come into the studio 
to debate the issue with Labour MP 
Clare Short No, he would not come 
down six doors into a radio car. But 
he would do a telephone interview 
from his office. 

Presenter Richard Kershaw 
scrambled to a studio and went 
straight into an interview with & 
few scribbled notes. The notion of a 
privacy bill was simply a cloak to 
stop newspapers revealing the real 
Intentions of the rich and famous, 
MacKenzie argued. 

“If you don’t want to appear in 
the papers, then don’t drop your 


trousers. It is as simple as that" 
was his blunt advice to politicians. 

And then he took a huge bite out 
of the hand that he had been kis¬ 
sing as recently as April by telling 
the story of the senior Tory minis¬ 
ter. Kershaw recognised immedi¬ 
ately he had an important story and 
one of far greater significance than 
that of the minister and the actress. 

MacKenzie came out of his office 
and told staff he might have 
dropped a clanger. They replied that 
what he had dropped was a story, 
and would he please get it into the 
paper. It missed the first edition, 
but a trenchant page-one opinion 
piece was soon produced. 

Even The Sun’s bitter rival, the 
Daily Mirror, said that in spile of 
MacKenzie’s fondness for fiction, 
“even he, we would have thought, 
would not actually INVENT the 
story that a Cabinet minister tele¬ 
phoned him with the nama of three 
(or five} women allegedly having an 
affair with Mr Ashdown". 

MacKenzie insists that he had the 
conversation directly with the 
senior minister, whom he has 
refused to name, though govern¬ 
ment officials have denied the story. 

The incident marks an important 
turning point in relations between 
government and the press. Two 
weeks ago, Mr John Major, the 
prime minister, was indicating to 
journalists that privacy legislation 
was becoming more likely. Now, 
after MacKenzie’s counter-attack 
and this week’s declaration from 
the Press Complaints Commission 
that the public has the right to 
know about the private behaviour 
of politicians if it could affect their 
official duties, Mr Major is letting it 
be known that privacy legislation is 
unlikely. 

It is doubtful whether this will be 
enough to persuade MacKenzie to 
put the genie back in the bottle. 

“The heat will be turned down on 
the tabloids and turned up on the 
politicians when parliament returns 
in the autumn," promises Mac¬ 
Kenzie. . . 

Raymond Snoddy 










FINAN£tAL TIMES WEEKEND JULY. 25/JULY-26 1992 


,TT. Jk "T’hat a aifference a 

\ i\ I week can make in. 
1/ »/ politics. Seven 

-w.‘ ..w days ago, a suc¬ 
cessful Democratic party con¬ 
vention in New York could not 
dispel the prevalent sense that 
this presidential election was 
stfll as much George Bush's to 
lose as it 'was Bill Chnton’s to 
win. Now 'the feeling is that 
the governor of .Arkansas is 
going to have to screw things 
up. very badly (or be screwed 
by a ruthless negative cam-' 
podgn) not to -end up In the 
White House. 

Three factors lie behind the 
changed .perception. First, the 
polls put Mr Clinton 2040 
points ahead of Mr Bush 
n at io n ally, the biggest conven- 
. ttou “bounce" in history. They 
show.that supporters of Ross 
Perot, the defunct independent 
candidate, much prefer Mr 
Clinton’s newly refined semi¬ 
populist message of change. 
Some state surveys now find 
Mr Bush weaker than antici¬ 
pated west of the Mississippi, 
where he. stood to gain most 
from Mr. Perot’s withdrawal. 

Second, Mr Clinton and Sen¬ 
ator A1 Gore, his running 
mate, embarked on a 1,000-mile 
bus odyssey through small 
towns from New York to 
St.Louis that drew fabulous 
crowds and rave political 
reviews. The ticket looked 
sharp, impressive in its youth¬ 
ful energy. consistent in its 
themes. Comparisons were 
drawn.with Harry Truman's 
“whistle stop" train tours of 
1948 by those not old enough to 


As Clinton surges ahead in the polls, Jurek Martin looks at the collapse of morale in the Bush camp 

A desperate call to order 


-remember thmxL ; . 

- But finally, ami potentially 
for exceeding'any ephemeral 
qualities in the first two. Bush 
had a truly .terrible week, 
unsure of himself and looking 
ratty and Us age. The return 
of James Baker from the' State 
Department to rnn the White. 
House, a nd the campaign next 
month waa. suddenly seen not 
merely as desirable but as the 
last, perhaps only, hope of sal¬ 
vaging re-election. ; 

• As pundit after pundit pon¬ 
tificated, the problem was no 
longer Vice-President Dan 
Quayle (though he is not an 
asset when matched against 
Mr Gore), no longer the falter¬ 
ing ecOTomy fthbugh, as Alan 
Greenspan, the Ted’s chair- 

map , ir npti^d. . it is nwlflraly to 

come. good" enough to benefit 
Mr'Bush greatly by Novem¬ 
ber), no longer the. of 

Saddam Hussein- or the tragedy 
of what was Yugoslavia' 
(though both undermine the 
president’s record in foreign 
policy). The problem, put sim¬ 
ply, is George Bush himself. 

He did' campaign this week, 
contrary to his promise to keep 
his powder dry until the con¬ 
vention in Houston next 
month. Two excursions were 
disastrous. In New Jersey, he 


got plain wrong his own educa¬ 
tion grant proposal for the less 
well-off; in a Washington sub¬ 
urb he was impaled, in front of 
the camera^ by a InraT tearhar 

complaining of his distortions 
of traditional family values. 

He had a crack at Mr Clin¬ 
ton's economic policies, which 
should have been fruitful 
because' it is not dear how his 
opponent, would simulta¬ 
neously finance his investment 
programme and reduce the 
budget, deficit But Mr Bush 
could only wain yet again of 
the dangers of “liberal” and 
"tax and spend" Democrats 
running the country. 

That worked in. the Reagan 
campaigns and still had mile¬ 
age in 1988. But the economy is 
now Mr Bush’s responsibility 
and alnnghirig the hTnmp for its 
plight on congressional Demo¬ 
crats does - not. suggest a way 
out of the impasse. Roes-Perot 
is not Jhe. . only American to 
believe it would help to have 
the president and the Congress 
working together for a change 
- and it is a stone cold'cer¬ 
tainty that the Democrats will 
still be running Capitol Hill 
afta- November. 

Other atmospherics.around, 
the president were also 
depressed..The White House 










had to fight off endless 
rumours that Mr Bush was 
unwell for that Barbara Bush 
or Marilyn Quayle were ailing.) 
Some Republicans in Congress, 
led by the acerbic Senator Alan 
Simpson of Wyoming, said 



they might not even go to 
Houston. Jack Kemp, the hous¬ 
ing secretary and once again, 
with the Los Angeles riots a 
fading memory, semi-detached 
from the government, let it be 
known that he was proposing 


to be in Colorado since no 
speaking slot had been 
assigned to him. 

The "dump Quayle" move¬ 
ment, possibly artfully stoked 
from a distance by Mr Baker, 
gathered such force that Mr 
Bush was obliged to state that 
his vice-president's future was 
“certain," whatever that 
meant, and Mr Quayle to 
declare that he would step 
aside if he thDught_be was 
hurting his presidentrHe may 
have then done precisely that 
by getting into a public disa¬ 
greement with his wife over 
what to advise their daughter 
if she were unmarried and 
pregnant. Mr Quayle, sounding 
like a father and not an anti¬ 
abortion zealot, said be would 
support any decision she took; 
Mrs Quayle, who has strong 
opinions on many things, 
stated flatly any baby would be 
carried to term. Even Mr Clin¬ 
ton sounded sorry for the 
vice-president 

But to dispose of him for 
anyone other than General 
Colin Powell, chairman of the 
joint chiefs and, never forget a 
black, would smack of despera¬ 
tion. Other good candidates 
exist - Dick Cheney, the secre¬ 
tary of defence. Senator Phil 
Gramm of Texas, Governor 


Pete Wilson of California, even, 
improbably, Mr Kemp - but 
all are potential rivals of Mr 
Baker, whose own longer-term 
ambitions can probably best be 
served by the return of Mr 
Busb and Mr Quayle In tan¬ 
dem, unless he runs the cam-' 
paign himself from second slot 
on the ticket But this would 
make Mr Bush too obviously a 
puppet and is probably too 
crude a ploy for a man of Mr 
Baker's sophistication. 

Foreign policy offered no 
relief, apart from Mr Baker's 
satisfactory sessions in Israel 
Saddam Hussein presents Mr 
Busb with a very real dilemma. 
Military action against Iraq 
might be seen as too transpar¬ 
ent an attempt to boost domes¬ 
tic political popularity, 
whereas failure to do so could 
be taken as a further abdica¬ 
tion of US leadership. The fear 
of Americans coming home in 
body bags or civilian targets 
bombed in error is also real 

Mr Clinton’s own warning to 
Saddam Hussein was both 
statesmanlike and designed to 
minimise any advantages 
accruing to Mr Bush should air 
strikes be launched. He was 
also quick to insert the knife 
with his comment that the 
imminent transfer of Mr Baker 


(“the best we've got") showed 
that Mr Bush cared less about 
foreign polio' than about re- 
election. 

Mr Baker is also not inherit¬ 
ing the best campaign team in 
the business. Lee Atwater, the 
hard-nosed tactical foil to his 
own strategic sense in 1988, is 
Sam S kinne r is consid¬ 
ered to be out of his political 
depth as White House chief of 
staff: Rich Bond, Republican 
party chairman, compares 
poorly with Ron Brown, his 
Democratic counterpart; Clay¬ 
ton Yuetter, domestic policy 
adviser, still has his heart 
more in trade and agriculture; 
Robert Teeter, nominal co- 
chair man with Mr Skinner, is 
perhaps too easy with Bush. 

It goes beyond mere person¬ 
alities. The Quayle team of 
conservatives is never averse 
to leaking its disaffected 
thoughts to the media, while 
others in the Republican party 
are pursuing separate agendas, 
including tbeir own re-elec¬ 
tions. The calls this week for 
Mr Bush to ditch his economic 
policy team - Nicholas Brady, 
the treasury secretary, and 
Richard D arm an. the budget 
director - came from one, or 
both, of these quarters. 

Thus Mr Baker has to 
impose order where it is 
patently lacking. But mostly 
he somehow has to take Mr 
Bush in hand and give shape 
and purpose to his re-election 
effort. The way things went 
this week, he will find the Mid¬ 
dle East a cakewalk in compar¬ 
ison. 


ast Grin stead. The yean 
2092. Greg Appleby sets 
out one morningr from his 
home in the West Sussex 
commuter belt for a business meet¬ 
ing in Edinburgh.' 

Arriving at East Grinstead sta¬ 
tion, he drives his electrically pow¬ 
ered Rover into the multi-storey 
car park, takes the keys to the Star 
Wash kiosk, and leaves instruc¬ 
tions for the car to be valeted. 

As the moving walkway transfers 
him from the ear park to the star 
tion concourse, Greg re calls how, 
just 10 years ago, the station was a 
grim and unappealing place. A 
dreary pre-fob, it boasted nothing 
but a ticket office, a news stand, a 
men’s and women's lavatory, and 
five doors on the platform marked 
“PRIVATE". 

Rail privatisation changed all 
that A few years ago a local prop¬ 
erty developer bought the station, 
built a concourse above track level 
and created something akin to a 
mini-airport terminal 

These days, the-station hums 
with activity. A 7-Eleven conve¬ 
nience store sells sandwiches to 
passengers an their way to work 
and ready-to-cook meals tolhose on 
- their way . home.< People take, their 
clothes to the dry demur, swap 


films At the. video library, leave 
their due repairs at the heel bar 
and pick up their holiday snaps 
from the photoprocessor. 

The Brasserie de la Gare, mean¬ 
while; has established itself as one 
of the better eateries in East Grin- 
stead, and Greg has skipped break¬ 
fast at home in fovour of coffee and 
croissants at a table on the air-con¬ 
ditioned concourse. 

Three minutes before his train is 
due to leave, Greg settles his Mil 
and walks past the ticket desks to 
the departure gates. One leads to 
-the steariHqferated Bluebell Rail¬ 
way, which two years earlier 
extended its tracks to East Chin- 
stead and how runs diesel trains 
into West Sussex during peak 
hours. The other leads to the plat¬ 
forms operated -lor SeaConRail, a 
subsidiary of Mr James Sherwood’s 
Sea Containers shipping group, 
which holds the franchise for the 
maforUne commuter services into 
central London. . . 

Gtofc a regular customer at East 

. Grinstead, shows his season ticket. 
to the smartly dressed attendant at 
SeaConRall’s departure gate. 

. ‘‘Everything r unning smoothly?”he 
asks as she swipes it through the 
validating TmurMno. The platform 
door swishes open. “Have we ever 


Dream ticket to ride 

Richard Tomkins on a train journey into the future 


EffSSP.JaS5. 


let you down, Mr Appleby?" she 
replies with a smile as he steps on 
to the waiting train. 

The peak-hour service into Lon¬ 
don is heavily used, but not uncom¬ 
fortably so. British Rail's decrepit 
slam-door trains have been 
replaced with spacious SeaConRail 
double-deckers, guaranteeing 
everyone a comfortable seat. There 
are announcements about the jour¬ 
ney's progress from the train cap¬ 
tain, telephones and drinks 
vending machines at the end of 
each carriage, and complimentary 
copies of the Financial Times for all 
who want them. 

On the other hand, fores are 60 
per cent higher in real terms than 
they were under British- Rail. But 
because the Treasury is no longer 
required to subsidise the service. It 
allows commuters to claim the cost 
of their season tickets Against tax: 
and passenger numbers have 
soared as a result of the increased 
frequency, reliability and comfort 


that privatisation has brought 

Change is less evident at the Lon¬ 
don end. Most of the London termi¬ 
nals are listed buildings and the 
private sector has been chary about 
the prospects of doing much with 
them. But one difference is that 
they now provide a choice of train 
operators. At King’s Cross, two 
companies run to Edinburgh: 
Stagecoach, with its frequent no- 
frills economy trains, and Virgin, 
which offers a less-frequent but 
more comfortable, airline-style ser¬ 
vice. 

In feet Greg has made his choice 
already: he booked his seat on the 
virgin Flyer by telephone from the 
SeaConRail train. Hie walks over to 
the Virgin check-in, picks up his 
ticket and takes a complimentary 
coffee in the departure lounge 
while waiting for boarding to 
begin. 

Once on the train, Greg remarks 
on the changes privatisation has 
wrought Even economy-class seats 


on the Virgin train have seat-back 
video with six channels to choose 
from. Meals, included in the ticket 
price, are served at seat by friendly 
cabin crew. Some carriages have 
been set aside for families , com¬ 
plete with play areas and baby¬ 
changing facilities; others have 
conference areas and meeting 
rooms for business people, com¬ 
plete with telephones, fox machines 
and computer terminals. 

Greg watches a business pro¬ 
gramme on the video, then 
switches channels for the news. 
After a pleasant lunch served with 
a glass of red wine, be finds himself 
gazing out of the window at the 
passing countryside, and foils into 
a slumber. 

Suddenly, he is awakened by a 
jolt. The train has come to an 
abrupt halt somewhere in northern 
E ngland. The public address system 
is buzzing and crackling, but no 
meaningful sound is coming ont of 
it. Greg is about to reach for the 


hostess call button when he real¬ 
ises it has disappeared - along 
with the friendly cabin crew, the 
airline-style seat, the six-channel 
video, the remains of his lunch... 

With a groan, he realises that it 
has all been a dream. Yes, it is 
2002; yes, he is on his way to Edin¬ 
burgh; but no, he is not on the 
Virgin Flyer. He is stock on an age¬ 
ing British Rail Intercity train in 
the wilds of Northumberland, there 
is no explanation for the break¬ 
down, and the buffet car has just 
sold the last bacon and tomato rolL 


As he and his fellow passengers 
await a rescue, Greg has plenty of 
time to reflect on the realities of 
privatisation. Virgin, he recalls, did 
start op a pilot passenger train ser¬ 
vice in 1993, closely followed by 
Stagecoach; but they only lasted a 
few months. British Rail's track 
charges were too high to allow 
them to make any money. Besides, 
the private sector trains were con¬ 
stantly getting stock behind British 
Rail's, so they gained nothing in 
speed or reliability. 

As for SeaConRail, its ambitions 
to become a franchisee foundered 
on the Treasury's refusal to make 
commuter fores allowable against 
tax. And would-be railway station 
operators soon realised that sta¬ 
tions would never be as profitable 
as airports, where most passengers 
are ABC Is with an hour or more to 
kill while they wait for their 
planes. 

Ah well, at least the Bluebell 
Railway reached East Grinstead. 
But elsewhere. It Is still the same 
old British Rail running the same 
old - very old - trains. Greg looks 
at his watch, stares gloomily out of 
the window, and groans again. His 
business meeting has already 
ended. It is going to be a long jour¬ 
ney home. 


LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SE1 9HL 

.Fax 071873 5938. Letters transmitted sfao&ld be deady typed and not hand written. Please set fox for finest resolution 


ADVERTISEMENT 


BUILDING SOCIETY INVESTMENT TERMS 


Not a rod with which to beat 
BR, nor a recipe for results 


From Mr Edward A Taylor. 

Sir, In your article on the 
Citizen's Charter (“Mixed 
blessings • for the three Ps“, 
July 21) Mr John Beishon of 
the Consumers' Association 
criticises British Rail’s passen¬ 
ger charter and says “vouchers 
and petty discounts.... given 
grudgingly... go nowhere near 
for enough". 

On a recent journey from 
Wales to Russia my train was 
43 minutes late arriving at 
Beading, so Z missed my coach 
connection and took a taxi, to 
Heathrow airport. I wrote 

Getting our 
own back 

From Mr Herbert Haberberg. 

Sir, The building societies 
feel aggrieved and hold 
National Savings responsible 
for savers withdrawing funds j 
from them. Strange that some j 
societies seem to have ignored 
the foot that for some time I 


Immediately to Intercity and 
in reply received a charming 
letter enclosing a cheque for. 
£33 to cover the taxi fore, a £10 
voucher and the information 
that my fishing rod, which I 
had left, on the train, was 
awaiting collection at Padding¬ 
ton lost property office. 

1 thmlc that British R»*l want 
as for as could be expected on 
this occasion and fodk forward 
to using my free voucher. 
Edward A Taylor, 

Lenfnskii Prospekt 991251, 
Moscow 117421 
Russia 


they have.persuaded savers to 
deposit funds with them, ini¬ 
tially at competitive rates, only 
for savers to find shortly after 
that interest rates have been 
unilaterally reduced without 
them being informed. 

Could we be getting our own 
back? 

Herbert Haberberg, 

9 Denewood, 

New Barnet, Herts EN5 ILK 


From Mr Alan G Burton. 

Sir, Every manager knows 
that unclear or divided respon¬ 
sibility is a recipe for poor 
results. 

The government stressed 
with regard to rail privatisa¬ 
tion that would-be franchisees 
for fixture railway services will 
have to make commitments to 
quality, and even, suggests that 
contracts may be withdrawn 
for failure in this area. 

But if Rail track runs the 
infrastructure the operator will 
clearly blame it for delays 
caused by signal or point fail¬ 
ure. EquaBy tf the delay is due 
to problems on a train run by 
another operator, the buck will ■ 
again be passed. 

At least at present one can 
lay responsibility for delays 
with a stogie person (the chair¬ 
man of British Rail) - even, if 
in recent years he has largely 
failed to improve thing s. 

Alan G Burton, 

1 Wealden View, 

Burwash, 

Sussex TN19 7BW 


Failings, and their relevance to what we do 


•am Mr Paul WfUkcms. 

Sir, So the prime minister 
nsiders that a minister’s! 
eping or breaking of mar- 
ige vows has “nothing to do” 
th his conduct of departmen- 
[ duties (“PM backs Mellor’s 
?dia review role", July 21 ), 
r presumably with the likeli- 
od of his breaking political, 
d electoral promises. 
Likewise, Joe Rogaly (Tat 


chance of privacy”, July 21) 
agrees, and suggests that Mr 
MeUormade a mistake in issu¬ 
ing a statement. The experi¬ 
ence of Governor Bill Clinton 

in the US would suggest 
ever, that public confession 
and restitution wins support 
from voters because of its hon¬ 
esty and stops sensationalist 
reporting in its tracks. 

Contrary to Mr Rogaly, we 


do not need a:dimate of opin¬ 
ion. that "responds to news' 
about (politicians') private 
lives with a definitive Gallic 
shrug”, but one which recog¬ 
nises that while we all have 
failing s, these are not always 
irrelevant towhat we do. 

Paul Williams, • 

Pieda, 

78 Great Clarendon Street, 
Jericho, Oxford OX2 6UA 


UK/US prices comparison 
suggests poor competition 
and excessive profits 


From Mr Ernest A Hilton. 

Sir, I do not understand your 
defensive leader, “The price is 
wrong", when the answer, for 
consumers on both sides of the 
Atlantic, is such a clear-cut 
case. Instead of beating around 
the bush you should and could 
have pointed your finger at the 
astonishing lack of competition 
in the UK and probably else¬ 
where in the EC. Where your 
"soul searching" might pay off 
is to figure out why there is 
such a tremendous difference. 

My hunch is that cartels 
function more efficiently in 
Europe than the competitive 
idea. What other possible rea¬ 
son can there be for the dra¬ 
matic earnings differential 
between UK and US supermar¬ 
kets? Another example: it is 
outrageous that the price of a 
ream of plain copier paper in 
the US is about one-third of i 
that to London. Your proposal 
of a searching investigation 
will result, say in two years, in 
an overwhelming report with 
which nothing can be done to 
create a competitive environ¬ 
ment Unless you can come up 
with a better idea we shall all 
continue to, as you say, “pay 
through the nose”. 

Ernest A Hilton, 

237 Kmghlsbridge, 

London SW7 1DJ 

From Mr Hugh Saddmgton. 

Sir, At long last somebody Is 
writing about the excessive 
profits that companies some¬ 
where in the value chain are 
making at the UK’s consumers 


expense (“The price is wrong”, 
July 21). Having spent three 
weeks last Christmas in the 
US, I have been trying to 
understand what causes the 
difference and can only agree 
with your conclusions. 

Goods sourced from the for 
east as well as traditional 
English manufactured prod¬ 
ucts such as Churches Shoes 
are dollar for pound in the US. 
The issue becomes more insult¬ 
ing when one compares goods 
in global chains such as Toys 
R Us where the same dollar to 
pound parity exists irrespec¬ 
tive of where the goods were 
sourced; in particular. I am 
thinking of Lego (Denmark), 
Fisher Price (components man¬ 
ufactured in Mexico - self 
assembly) and Little Tykes 
(US). 

Product ranges that include 
baby equipment, clothes elec¬ 
tronics, food, compact discs, 
jeans and Japanese cars all fol¬ 
low the dollar/pound parity. To 
me this suggests price fixing, 
as I can not believe that the 
structural characteristics of 
such diverse industries are 
identicaL A good example that 
illustrates how companies 
push price parity Is the Lands 
End direct mail operation that 
has recently opened up in the 
UK. Comparing its US cata¬ 
logue prices with the equiva¬ 
lent catalogue UK prices, par¬ 
ity holds on most lines. 

Hugh Saddington. 

2A Carrick Road, 

Curzon Park, 

Chester CH4 SAW 


spite of problems, partnerships can spearhead regeneration of the inner cities 


From Mr David Tagg: 

Sir, Your article Decay eats 
away at inner cities” (July 14), 
which analysed, the policy 
Studies Institute, report, on 
urban trends, addresses, some 
of the major issues facing 
inner cities today. 

Hie letter from Peter Hughes 
(July 21), leader, of- the Tower 
Hamlets council,. Identifies that 
in spite of its problems Tower 
Hamlets still has enormous 
potential and Is greatly 
improving. 

As chairman of the East Lon¬ 
don Partnership covering the 


three boroughs of Tower Ham¬ 
lets, Newham and Hackney, I 
totally support Peter Hughes’ 
comments. 

The .East London Partner¬ 
ship was set up two years ago, 
sponsored by the private sec¬ 
tor. to develop a strong work¬ 
ing partnership with the local 
community. We all had. a com¬ 
mon aim; to improve the qual¬ 
ity affife in an inner city area 
by fostering economic regener¬ 
ation. 

Today that partnership 
incorporates large and small 
private sector organisations, 


the local authorities, the volun¬ 
tary sector and representatives 
from tiie local community. 
Progress hasn’t been easy, but 
it has been constant We have 
hunt a track record in helping 
to tackle issues affecting the 
long-term prospects for East 
London: issues such as trans¬ 
port, tourism, healthcare, 
training, employment, educa¬ 
tion and housing. 

A major example of this part 
nerehip has been the achieve¬ 
ment of all three boroughs in 
winning City Challenge bids - 
Tower Hamlets in 1991 and 


now Hackney and Newham in 
1992. The unique blend of pri¬ 
vate and public sector skills 
and expertise, local knowledge 
and the joint will to win made 
this happen. 

Clearly government has 
recognised the problems of the 
East End and has responded by 
heavy investment in London 
Docklands over the past 
decade, but problems still do 
exist 

Z am convinced that the 
mood Is changing, even since 
the report was written. 1 
believe a combination of pro¬ 


ductive local partnerships 
together with government 
funding can continue to spear¬ 
head the regeneration of inner 
cities. 

True partnership is not 
merely about working together 
on the ground but also about 
vision and the management of 
long-term strategic change. 
David Tagg, 
chairman. 

East London Partnership, 
director. 

Grand Metropolitan, 

20 St James’s Square. 

London SW1Y 4RR 




GlQB 

Heu 

Interest 

Minium 



Product 

CAR 

CAR 

paid 

balance 

Access and other details 

AUlMXM Letaster... 

.. finely Dw 

10.00 

750 

Yfflrty 

Tiered 

9 55/9.00/8J5/7.SC 


Mid* 

9.30 

6.98 

Yearly 

UO.OOO 

880 OOK plr. Insure access 


1 aslant Access 

B40 

630 

Yearly 

Twred 

8 J0/805/7 80/750/330 


Ten 

1055 

N/A 

Yearly 

UO 

23 days notlo/monh lac. ac. 

Barndey (0226 733999) . . .. 

.. SunnH. 

10.25 

TJtfl 

Yearly 

£50.000 

90 days'nn/brn £10K tar Man Inc 

BlnnHiiifcMi It Idslmts.. 

Quantum Tessa 

10.40 

N/A 

Yearly 

£25 

30 days penally 

10902 710710) . .. __ 

First Class Inst II 

10.75 

8.06 

Yearly 

000.000 

bn jer/n pep 

Bradford aid Blng(a<0274 5615451. 

LUxWWff Bonus 

725 

544 

Yearly 

0.000 

Inst /Boras to n withdrawals 


Maefmher Bans 

825 

619 

Yearly 

00.000 

htsL/Bnras to no wtthdraMt 


Uaxineser Option 6 

950 

735 

Yearly 

£2500 

6mths net/pen >9.40% dross mthly md 


Mn Hj» Htn Tessa 

10.00 

NfA 

Yearly 

£9.000 

Pius 19,6 pa ta«a (U.M%G on spec Feed) 


May Annul Arana* 

10 55 

7.91 

Yearly 

00.000 

12 nth not acc imMj Inc 1030%G 


Mai Annual Amnrt 

10.90 

B.18 

Yearly 

£30.000 

+ 10.65% 

Brianl and West BZ72294Z71)- 

. Select 

950 

7X5 

Yearly 

£50.000 

Iwt Access duke 


Select 

9.25 

6.94 

Yearly 

£25.000 

d cashcard or passMot 


Select 

885 

664 

Yearly 

UO.OOO 

ChajuSioc* & gnaranw 


Select 

8.25 

619 

Yearly 

£2.000 

card inhere min £2000 


Select 

7.00 

525 

Yearly 

£500 

balance remains 


Select 

150 

1.13 

Yearly 

£1 



Hip 30 

KL20 

7.65 

Yearly 

Tiered 

10 15/9.70/930/8.60/8.45 







High Interest with only 30 days notice 


Bonos 1 Merest Bond 





10 45/9 95 12mth trn O 000 no not wlAI 


Bond 2 

10 75 

8.06 

Yearly 

Tiered 

once m 12 nans. 0 S% loyalty 1 rand. 

Cattolle 071-222 6736/71.._ . 

. Jubilee Bom) 2 

10-36 

7.7b 

Monthly 

£30.001 

90 day £2000+ 10i0%/757 net 

CemajtEdinhuijhMm5561711). _. 

.. 1992 Bond 

10 75 

806 

On Maturity 

£1 

Interest Hate (lad 31.1Z.9Z 


"A” Shares 

10.50 

7.B7 

Annually 

£1 

Gut to 31 12.92 (10% thereafter 1 

Cheltenham X Gloucester.. 

Loadon Fb Rate Ac 

1004 

708 

Yearly 

£2.500 

60 day penally 

0000)717505 - . 

Golden Term Shs 

12.25 

919 

Yearly 

£25.000 

£10.000 t U.75g 

CoKMry <0203 252277)... 

UonerMabf 

700 

525 

Yearly 

00.000 

Inst act £50006.00%. O 000 - 530% 


90 toy 

1055 

7 91 

Yearly 

£40,000 

With 90 days notice or pruity 


90 0* 

10 JO 

7.57 

Yearly 

£25.000 

monthly income option 


90 Dir 

9.60 

720 

Yesarir 

0.000 



instant Opilo* 

10J0 

772 

Yearly 

£40.000 

to acc/na pen. 


Instant Option 

9.75 

731 

Yearly 

£25.000 

Monthly Income option 


Insum Option 

925 

693 

Ye*ly 

UO.OOO 



Instant Option 

850 

637 

Yearly 

£5.000 



Tessa 

10.75 

N/A 

Yearly 

£1 

MIMy rat 10.26 ui enrpt spec sar acc. 

KaHta" ..... ... 

90-Da) Xtra 

Bll 

6.05 

^■yearly 

£500 

90 days, but 


90-Day Xtra 

905 

675 

)j-yearly 

£10.000 

instant where 


90-Day Ura 

946 

7.06 

(*-yearly 

£25.000 

£5.000 remains 


40-Day Xtra 

10.15 

757 

ij-yearly 

£50.000 



Tessa 

10.45 

N/A 

yearly 

£50 

5yr term with 2 muses 

Lancastrian (Obi 6431021) . . . . 

Masterplan 

9.70 

728 

Yearly 

£25.000 

Instant, access no POOR) 


30 Day douce Acc 

10.70 

803 

Yearly 

£50.000 

w/d per month at £5000 w/d pen 

Leeds & Ho beet (0532 4595 ID. 

Gold Access 

950 

713 

31 Dm 

£50.000 

No notice - no penalty 


Capital Bond 

1055 

7.91 

30 April 

000.000 

90 days not/peo. Mthly loop opt also anil 


Tessa 

am 

N/A 

31 Dec 

a 

No transfer restrict or elmj. ‘j%itra in r5 

Leeds Permueot (0532 438181).. .. 

Solid Gold 

10 25 

769 

Yrarty 

UO.OOO 

3mh Tiered rata from £500 


Wnd Gold 

8.90 

b.68 

Yearly 

£25 000 

Inst act No pen. Tiered rates Iron £25 

Uarsden (0282 692821) . 

Rainbow 60 

10 30 

788 

Yearly 

£30. Mo 

60 days notice 


Tea 

UOO 

m 

Yuarfr 

UO 

30 days nota* 

National & PnnincW” .. . . 

Private Rune: 

B.10 

6.07 

Yearly 

£500 

90 days notice/ 


Annual merest 

0.15 

621 

Yearly 

£2500 

penalty. Two 


Dpi In 

8J5 

626 

Yearly 

£5.000 

Iree withdrawals 



9.15 

686 

Ywli 

00.000 

at 141 id £2k per amun 



9.65 

7 23 

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£25.000 

taunt access £106. 



1025 

7.68 

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(ntraest paid 1 Jure 



10.50 

7.87 

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HewasU*iOTlZ326b7i>). . 

Slots Plus Special 

1050 

788 

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£200.000 

bstant Access 


Now Plus 

10.14 

753 

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Billion Pun Bond 

10.00 

750 

AnoaaHy 

£500 

FftM rale until 31/3 199J 

Ncrtiof&ilwJ KK 5656272). 

Edinburgh 

10.75 

8.06 

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1050 

758 

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Rattan tad (091236 71911 . . 

. Mnnthiy tans As 

1050 

7.78 

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£40.000*- 

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10 00 

742 

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925 

6H7 

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825 

613 

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£2.500* 

60 day notice 

N«vkfc&IMert’i*B73337U7U . 

Special B5 

1052 

7.79 

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£50.000 

85 days' notice/penally 

BaUiajtaai (0602 481444) _ . . 

Blue Qip Thru 

1QJ5 

N/A 

Yearly 

0.000 

30 dys not/lnsl act to 10% A/C bal b mhs 

Part™ 8)202292444).. 

Prestige Drone 

10.25 

7b9 

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taunt Amss 

8.70 

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PitncWHj*0222344188). _ . 

Tessa 

1070 

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£25 

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Scrtoroatf (07233681551._ .. 

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900 

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raw 

1025 

758 

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£5.000 

50 Day Hot w ms act trtih pen. 

SUpU»«7Sb 700500) _ . ... 

Sonereto 3m« 

10.10 

758 

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£50,000 

Instant access Ho penally 


Shlpum Ninety 

1050 

788 

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£50.000 

90 days notice or penalty 


SAipUn Ninety 

10.00 

750 

Yearly 

£25.000 

90 dais notice w penalty 

Stroud and Sainton*. ..- . . . 

Snmntit 

10.10 

758 

Anulty 

£40.0® 

90 day rxefcr/peralft 

Woahrid _... . 

Prime Gold 

1010 

7.58 

Yearly 

£50.000 

taum access, tiered rates (rm £50. 


Tessa Bom* 

10 70 

N/A 

Yearly 

£4.800 

5 yr term lor UI enroot. 

torWUro (0274 73*822). 

Tessa Prowler 

11.05 

N/A 

Yearly 

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00 days iM<ce/to trawler 


Key 40 Pl« 

1060 

7.95 

Yearly 

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90 days nauce or 


Key 90 Pt* 

1050 

7.6B 

Yearly 

£50.000 

loss at 


Key 90 Pirn 

1000 

750 

Yearly 

£25.000 

uteres 


Key 40 Phr, 

9 75 

751 

Yearly 

UO.OOO 



Plenum Key 

915 

656 

Yearly 

£25.000 

must Access - £10.000 mbi 


Piauwm Key 

8.55 

6.41 

Yearly 

00,000 

taunt Access - £10.000 nth 


Platinum Key 

8.15 

611 

Yearly 

£500 

UI days Micr/penalty 








V 


FINANCIAL times WEEKEND JULY 23..JULY 26 »*« 


COMPANY NEWS: UK 


Albert Fisher chief 
quits after ‘pressure’ 


By Richard Gouriay 

MR TONY MILLAR, who built 
Albert Fisher into an interna¬ 
tional fresh fruit and vegetable 
company worth over £7SQm at 
its peak, yesterday resigned as 
executive chairman following 
pressure from non-executive 
directors. 

His departure, Just more 
than 10 years after his acquisi¬ 
tion of a small Blackburn- 
based fruit and vegetable sup¬ 
plier. ends an era at one of the 
acquisition-driven growth 
stocks of the 1980s. 

Over the past year, the City 
has increasingly questioned Mr 
Millar's ability to manage 
growth at a time of tough mar¬ 
ket conditions even before a 
profits warning earlier this 


month. 

Mr Stephen Walls, currently 
a non-executive director, will 
become non-executive chair¬ 
man while the board reviews 
the group’s strategic direction. 

Mr Walls said that the man¬ 
agement changes had been 
decided by the board, including 
Mr Millar, after the non-execu¬ 
tive directors bad acted as 
“catalysts" for the discussions. 

The board had invited Mr 
Millar to become Honorary 
President as a tribute to his 
“vision and performance in 
creating the group”. 

Albert Fisher’s share price 
has fallen horn a peak of 133p 
in March last year to a low of 
36 ftp earlier this week before 
recovering to 39p. where it 
closed yesterday. 


The profits warning was 
Issued after June sales demon¬ 
strated that the price of fresh 
produce In Europe and North 
America had collapsed doe to a 
glut in the market 
By that time analysts had 
already grown wary that the 
rapid 1980s growth that was 
fuelled by a string of small 
acquisitions of family busi¬ 
nesses, was not sustainable in 
markets hit by recession. 

Mr Walls yesterday repeated 
a reassurance that trading, 
though hit by low fresh pro¬ 
duce prices, remained in line 
with expectations and the bal¬ 
ance sheet placed the group in 
a strong position to take 
advantage of future growth 
opportunities. 

See Lex 



tafttoy Aatiaood 

Tony Millar: departure ends an era at one of the 
acquisition-led growth, stocks of the 1980s 


In search of a more fruitful direction 

Richard Gouriay on the reasons for the departure of the man who built Albert Fisher 

M R Stephen Walls, the Mr Walls was at pains yester- _ t i'* >v ; *' ■ • • • After years of 20 per o 

new non-executive day to point out that while wnen rwner - profits growth, Albert Fisl 

chairman at Albert fresh produce prices in Europe share price (pence) .. i ... “! lost its following and forces 

iso ~ 


M R Stephen Walls, the 
new non-executive 
chairman at Albert 
Fisher, calls it a vic¬ 
tory for corporate govern¬ 
ance. 

Mr Tony Millar, chairman 
and chief executive since he 
started to build the fruit and 
vegetable producer in 1982, was 
not ousted on Thursday in a 
board room coup by non-execu¬ 
tive directors. 

His departure had been 
agreed by the board to be in 
the best interests of smooth 
transition to a new strategic 
direction. 

But, however Mr Walls, 
recently chief executive of Aijo 
Wiggins Appleton, might 
choose to present the depar¬ 
ture of Mr Millar, Albert Fisher 
is still in deep trouble. 

The company that grew 
through 50 acquisitions to be 
worth £784m at its peak in 
March last year has joined a 
group of 1980s wonder stocks 
struggling to prove they can 
cut the mustard in the alto¬ 
gether tougher 1990s. 

Judging by Albert Fisher’s 
share price, the jury is still out 
and not just because Mr Mil¬ 
lar's resignation was accompa¬ 
nied by no clearer idea about 
the security of the dividend 
payment for the year to 
August 31. 


Mr Walls was at pains yester¬ 
day to point out that while 
fresh produce prices In Europe 
and North America had 
recently gone soggy, as indi¬ 
cated by the company's profits 
warning earlier this month, 
there were no black holes in 
the company and its overall 
trading remained in line with 
expectations. 

At a much broader level, 
however, Albert Fisher is 
embarking on a reassessment 
of its strategic direction under 
the board led by Mr Walls in a 
non-executive capacity. But 
there are no clear ideas where 
it should or will go. 

Mr Walls insisted that with 
the appointment of new chief 
executives for the European 
and North American 
operations, there was no imme¬ 
diate need for a new chief exec¬ 
utive until the board had taken 
a measured look at what to do 
next. 

T he em phasis on manage- 
ment structure and long 
consideration before 
decisions are taken is a break 
from Albert Fisher's explosive 
1980s history. 

Mr Millar came to Albert 
Fisher and fresh produce from 
the stable of Mr Michael Ash¬ 
croft, the sometimes controver¬ 
sial and always cotourful chair- 



1982 '83,/w..'S5> -.toe.^er^arV eg 'SO'- 

■ . , ' • , . . / .v. 1 i 1 . . .. ■ 1 ■ 

SowarBatasmsttn' ■ ■ ' '■ \ ■? 


After years of 20 per cent' 
profits growth, Albert Fisher 
lost its following and forecasts 
began to be scaled back. From 
£97m at the end of last year, 
market expectations fell to 
£77m in ApriL 

Then in early July, as the 
extent of the slump in fresh 
produce markets in Europe 
and North America became 
apparent, forecasts slipped to 
£60m following a profits warn¬ 
ing that was accompanied 
by the statement that it was 
“inappropriate” to make any 
comment about the divid¬ 
end. 


man of ADT. the car auction 
and security group. 

After three years under the 
Ashcroft wing and a six 
months search, Mr Millar 
homed in on Albert Fisher, a 
company traded on the Liver¬ 
pool and London stock 
exchanges with sales of £7m, 
as a vehicle for his ambit¬ 
ions. 

The fruit and vegetable 
industry, he realised, was frag¬ 
mented among family busi¬ 
nesses which enjoyed neither 
economies of scale nor central¬ 
ised purchasing. 

Through frequent issues of 
new shares - which many 
institutions now bleating about 
the recent share performance 


were then perfectly happy to 
take up - Mr Millar began to 
consolidate the industry. Hav¬ 
ing moved a long way along 
that path in the UK. he started 
in 1985 to expand in Europe, 
based around the Rotterdam 
markets, and then Into the 
US. 

Consolidation of the frag¬ 
mented industry was followed 
by moves into frozen food and 
food processing. In the peak of 
this heady growth, Albert 
Fisher produced pre-tax profits 
of £89m last year on sales of 
over £lbn but, gripped by Its 
first real recession, the doubts 
were beginning to set In about 
the quality of the acquisition- 
derived earnings. 


A lbert Fisher is not in as 
bad a shape as some of 
the other debt-financed 
acquisitive growth companies 
of the 1980s. Thanks to the 
rump of an £180m rights issue 
in 1990 the group has a strong 
balance sheet and net cash of 
£80m. 

It leaves Mr Walls, at least, 
sanguine about the rethink 
and comfortable with Mr Mil¬ 
lar's departure. “Companies 
change, markets evolve, oppor¬ 
tunities change,” he said. “We 
have assessed the situation rel¬ 
ative to and’ internal 

confidence [in Mr Millar] and I 
decided that the best thing is ; 
to have a change of manage- ■ 
ment” 


Clock stopped over Kalon bid 


By Peter Pearse 

THE CLOCK on Kalon's hostile 
£89.5m bid for Manders (Hold¬ 
ings) has temporarily been 
stopped. 

The Takeover Panel yester¬ 
day issued a statement saying 
that the decision whether or 
not the paint maker's 8-for-3 
share offer for the paint, ink 
and property company would 
be referred to the Monopolies 
and Mergers Commission had 
yet to be made, and that it was 
unlikely that the outcome 
would be announced by 


Wednesday July 29, day 39 of 
the progress of the bid. The 
panel has therefore ruled that 
day 39 will now be deemed the 
second day after the announce¬ 
ment of the decision. 

Kalon has argued that a suc¬ 
cessful takeover would only 
boost its market share from 16 
to 23 per cent of the whole dec¬ 
orative paints market, while 
Manders has contended that 
the merged group would com¬ 
mand some 75 per cent of the 
own-label paints market 

The bid has attracted atten¬ 
tion beyond strict financial and 


LONDON RECENT ISSUES 


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• First Dealings July 20 

• Last Dealings August 1 

• Last Declarations October 15 

• For settlement October 26 
3-month cell rale indications are 
shown on page 11 . 


TRADITIONAL OPTIONS _ 

July 1 20 Calls in: Burton, Dixons, BP, Loo- 
August 1 rho, Gestetner, Queans Moat, 

ns October 15 Premier. Ueyte Ch y»fart .gndJUr. 

October 26 tours. Puts in: Bouate ac , wnanoo* 
indications are Mayflower and Spring Ram 

Puts a Cana: PURtafljon, P a o 

and Brit Aerospace. 


competition limits - a Com¬ 
mons motion has been signed 
by 64 MPs urging that the bid 
be referred on the grounds that 
both bidder and target are 
healthy, profitable companies 
and that there will be inevita¬ 
ble social damage in terms of 
job losses. 

The Office of Fair Trading, 
which recommends referral or 
non-referral to the trade and 
industry secretary, said yester¬ 
day that it was looking at the 
wboto paints market, including 
the own-label sector, and that 
it was sounding opinions from 
Interested third parties. 

Mr Roger Akers. Manders 
chief executive, said: “It 
implies that it is not an obvi¬ 
ous not-a-referral situation. We 
must see that as good news.” 

Mr Mike Hennessy, Kalon 
group managing director, said 
he was not surprised by the 
delay. “The bid has created 
considerable interest and it’s 
taking time to evaluate all the 
issues.” 


J&J Dyson 
hit by 

exceptional 

AFTER £187,000 for exceptional 
costs incurred in production 
rationalisation, pre-tax profit 
at J&J Dyson dropped 21 per 
cent in the year ended March 

31 1992, from £1.43m to £1.13m. 

Before the exceptionals, this 
group of refractory makers, 
motor dealers and builders' 
merchants held its profit to 
within 6.5 per cent of the previ¬ 
ous year, on turnover showing 
a slight improvement to 
£49£m. 

Earnings per share were 
6.54p (7.4p) and the dividend is 
again 5p, the final being 3p. 

Refractories contributed 
£913,000 (£1.05m) to profit, 
motor vehicles and trailers 
£93,000 (£76,000) and merchant- 
ing £127,000 (£84,000). Net inter¬ 
est received was £235,000 
(£268,000). 

There was a £285,000 profit 
on sale of fixed assets, treated 
as an extraordinary credit. 

Thornton Pan 
European assets dip 

Net asset value per lOp ordi¬ 
nary share of Thornton Pan- 


Former MAM chief takes 
post at Jupiter Tyndall 


By John Authors 

MR LEONARD LICHT, former 
vice-chairman of Mercury 
Asset Management, has moved 
to the Jupiter Tyndall 
Group, another fund manager, 
where he will be group manag¬ 
ing director and deputy chair¬ 
man. 

Mr Licht's departure follows 
those of Mr James Dawnay, 
formerly in charge of MAM’S 
unit trust business, to RaflHe 
Gifford, and Mr Richard Ber- 
nays. a Mercury vice-chairman, 
to Hill SamueL 

Mr Licht enjoys a strong rep¬ 
utation as a fond manager, and 


will work on the management 
of pension funds and other 
institutional clients. 

Mr John Duffield, chatminn 
of Jupiter Tyndall, said: “ We 
have no doubt that as a fund 
manager Leonard is unsur¬ 
passed in his generation and 
he will enormously strengthen 
our team.” 

Mr Beta: Stormonth Darting, 
chairman of MAM, announced 
that Mr Stephen Zimmerman, 
Mercury’s deputy chairman,, 
will take day-today responsi¬ 
bility for the group's specialist 
equity division with immediate 
effect following Mr Licht's 
departure. 


Cowie extends bid for Henlys 


At the first acceptance date T 
Cowie, the motor trader bid¬ 
ding £2Sm for rival Henlys 
Group, had received accep¬ 
tances in respect of 0.59 per 
cent of Henlys shares. Cowie 


European investment Trust 
slipped from 32£p to 30.3p over 
the 12 months ended June 30. 

Net revenue for the first half 
of 1992 fell to £74,339 
(£125,235) after tax of £28321 
(£42,233). Earnings worked 
through at 0.37p (0.63p). 

Drayton Far 
Eastern assets drop 

The net asset value of Drayton 
Far Eastern Trust was 90.7p at 
Jane $), a decline of . 6 per cent 
on the 96JSp of a year earlier. 

Net revenue for the six 
months fell from £607,000 to 
£525,000 for earnings of 0.454p 
(0.525p) per share. 

The interim dividend is held 
at 0J25p. 

Pendragon expands 
dealerships 

Pendragon, a distributor of lux¬ 
ury and executive cars, has 
increased its Jaguar franchises 
in the UK to five and its Land 
Rover franchises to four 
through the acquisition for 
£2.8m cash of Straistone, the 
central London dealer. 

Stratstone has showrooms in 
Mayfair and . the City; Its 
annual turnover is some £2lUL 

Pendragon has also agreed 
with Mercedes-Benz UK to set 
up a new greenfield de aler s hip 


has extended the bid until 
August 7. 

Mr Robert Wood, chief execu¬ 
tive of Henlys, said holders Had 
recognised the lack of sub¬ 
stance in Cowie’s arguments.” 


NEWS DIGEST 


in Wakefield, starting 
operations in October. It will 
then trade from four Mercedes- 
Benz passenger car dealer¬ 
ships. 

LWT and Granada 
in distribution link 

LWT (Holdings), the indepen¬ 
dent television programme 
contractor, and Granada Tele¬ 
vision have agreed to merge 
LWT Internattonal and Gran¬ 
ada Television international to 
form a single distribution com- 
pany. 

The new joint company, to 
be known as Granada LWT 
International, will sell pro¬ 
grammes for both companies 
from January 1 1993. 

Pittencrieff buys US 
mobile radio group 

Pittencrieff, the Edinburgh- 
based oil and gas and mobile 
communications group* has 
acquired J&J group for some 
$5m(£2.61m) of which 32.08m 
will be met by the issue of 
498,396 shares. 

The group comprises J&J 
Systems and Mustang Commu¬ 
nications, and provides a spe¬ 
cialist mobile radio system 
throughout Texas. 

In 1991 the group produced 
revenue of . S3.46m and gross 


Amstrad’s 

finance 

director 

resigns 

By Andrew Bolger 

AMSTRAD, the consumer 
electronics group founded by 
Mr Alan Sugar, yesterday 
announced the sudden depar¬ 
ture of the group's finance 
director - the second senior 
finance executive to leave the 
company within 48 hours. 

News of Mr Peter Thoms' 
resignation was announced 10 
minutes before the market 
closed yesterday afternoon, 
giving traders little time to 
react Amstrad’s shares closed 
ftp lower on the day at 28 ftp. 

Amstrad declined to com¬ 
ment on the reasons for Mr 
T homs ’ resignation. He said: 
“I feel hamstrung, but Fve 
been asked to say nothing.” 

On Wednesday Mr Ken Ash¬ 
croft, Amstrad's corporate 
finance director, left the board 
as part of the company's 
restructuring. Mr Ashcroft has 
become non-executive chair¬ 
man of Betacom, the telephone 
equipment distributor which 
is 71.3 per cent owned by 
Amstrad. 

On Thursday,- Amstrad 
warned that a sharp deteriora¬ 
tion in the personal computer 
market meant it was likely to 
lose £65m in the year to June 
30, on turnover of-about 
£350m. These losses were 
about £25m higher than mar¬ 
ket expectations. 

Amstrad said Mr Thoms 
would be succeeded as group 
finance director.by Mr Tony 
Dean, who joined the group in 
1985 and had been, designate 
director, group financial con¬ 
troller since October 1991 and, 

prior to that, held the position 
of UK finance director. 

No-one was available to com¬ 
ment at Amstrad’s brokers, 
James CapeL financial adviser 
KLeinwort Benson, or auditors 
Touche Ross. Herbert Smith, 
Amstrad's solicitors, declined 
to comment. 

TSB petitions for 
George Walker 
bankruptcy 

TSB Bank lawyers confirmed, 
yesterday - that they had 
applied to have Mr George 
Walker, the deposed chief 
executive of Brent Walker, 
declared bankrupt 

The petition, based on a debt 
of just over £9m, will be heard 
in the High Court on August 5. 
The solicitors said they expec¬ 
ted him to be adjudicated 
bankrupt on that day and a 
trustee in bankruptcy 
appointed by his creditors 'to 
take control of his affairs. 

The trustee will take over 
Mr Walker's compensation 
claims . arising from his dis¬ 
missal from JBrent Walker. • 

He alleges that he was 
wrongfully dismissed. 

Shield reduces 
loss to £l-37m 

The Shield Group, residential 
property developer and estate 
agent, announced a reduced 
pre-tax loss of £1.37m for the 
year to March 8LThe compar¬ 
ative loss was ‘a restated 

£7-33m. 

Turnover unproved to 
£10.6m (£7.1m). Net interest 
payable was £302,000 
(£870.000) and there were 
exceptional costs of £460,000 
(£&58m). Losses fell to 20.8p 
(81p) and the directors said 
that a' dividend was unlikely 
to be paid “for some time”. 


profit of $L89m.' 

Pittencrieff says it has identi¬ 
fied substantial potential 
savings in overheads in the 
acquisition that can be 
quickly implemented, in the 
near future. 

Caird completes sale 
of dry waste side 

Caird. Group, the waste man¬ 
agement company, has com¬ 
pleted the-disposal of its Aber¬ 
deen-based dry, compactor and 
confidential waste, businesses 
to tJK Waste Manag e ment for 
£L7m in cash, paid on comple¬ 
tion. 

The sale completes Caird’s 
. .disposal of its dry waste divi¬ 
sion, the English part of which 
was sold to Cleankway at the 
aid of December 199L 

Simon Engineering 
£0.5m purchase 

Simon Engineering, the engi¬ 
neering; environmental and 
industrial services group, has 
acquired the oilfield produc¬ 
tion chemical sales arid ser¬ 
vices business in the Uintah 
basin district of Utah from 
Jetoo Chemicals,, a subsidiary 
of Procter & Gamble; for tim 
(£520.000). . / 

The purchase .was carried 
out through Simon’s'Unichem 


Morland wins 
bitter battle 
of independence 


ByPhilip Rawstame 

MORLAND, the Thames Valley 
brewer, yesterday decisively 
repelled the £I04m hostile tritt 
from Greene King to retain its 
280 -yeamld independence. 

The Suffolk-based brewer’s 
bid lapsed after It ended a nine- 
week takeover campaign with 
control of 4595 per cent of Nor¬ 
land's shares. 

Greene King launched its bad 
in May after buying a 28J> per 
cent stake in Morland from the 
Whitbread Investment Com¬ 
pany, which also pledged a fur¬ 
ther 149 per cent 

Despite this strong base, 
Greene King e 8 ”* 1 * 1 * less t han 4 
per cent acceptances from 
other shareholders at the peak 
of its assault; and it lost 
ground in the final days as 
some Morland. shareholders 
who had accepted the offer 
withdrew. 

The outcome hit the -shares 
of both companies - Greene 
Ring's dosed 40p lower at 467p 
while Morland’s fell 41p to 
dose at 42Gp. 

Morland’s Abingdon brewery 
- which Greene King would 
-have closed — celebrated the 
victory yesterday with a barrel 
of its Old Speckled Hen ale. 

Mr Jasper Clutter buck, chief 
executive, said: “We are 
delighted that shareholders 
have shown their confidence in 
us. Now it will beback to busi¬ 
ness. We intend to put into 
operation the plans we 
announced during the cam¬ 
paign which will benefit the 


company enormously.” 

The £16.9m purchase of 72 
pubs from Inntrepreneur 
Estates is expected to be com¬ 
pleted next week. The pubs 
will increase Morland’s estate 
by 25 per cent A deal will also 
be clinched with Courage 
under which the Australian- 
owned brewer will buy 5.000 
barrels of Old Speckled Hen a 
year and brew 20,000 barrels of 
its own beers at Abingdon. The 
move could generate initial 
pre-tax profits of £800,000 a 
year, Mr Clutterbuck said. 

Greene King, which has been 
left with a 299 per cent stake 
in Morland, would take time to 
assess all its options, said Mr 
Simon Redman, chairman. 
"The least attractive option at 
the moment would be to come 
back in a year’s time with a 
revised offer." 

Greene King intended to con¬ 
tinue the expansion oE its 800- 
pub estate and would consider 
buying a depot in Morland's 
trading area to push its IPA 
and Abbot ale brands in the 
free trade, Mr Redman said. 

The company will publish its 
1991-92 results, which were 
held up by the Takeover Panel. 

Whitbread Investment Com¬ 
pany will retain its 14.9 per 
cent shareholding in Morland 
— the ™nmnm level allowed 
to enable it to comply with the 
government’s beer orders. 

It has yet to reduce its stakes 
in Marston, the Burton-based 
brewer, and Devenish and 
Boddington, the pub operators. 

See Lex 


New look Arlen tumbles 
£884,000 into the red 


By Peter Pmree 

ARLEN, toe electronics group, 
showed a turnaround from 
profits of £120,000 to pre-tax 

losses erf £884,000 in the year to 
March 3L 

Mr Bud Cohen, chief execu¬ 
tive, said that emphasis would 
now* be on. stability: 'after a 

period of change. 

In the?-IdSt 1 years there 
was the merger -with Hi ghland 
Electronics, the, acquisition of 
Norbain Electronics, the 
£780,000 cash and £400,000 pref¬ 
erence share sale to a manage¬ 
ment buy-out of Centrepiece 
Engineering, . .the closure of 
Haywood. Engineering and the 
departure of Mr Maurice Dwek 

as chairman. 

Indeed the £350,000 costs of 
terminating the service con¬ 
tract of Mr Dwek' - who has 
retained -750,000 shares in the 
company -_were takenas an 
exceptional charge,. thereby 


impacting the pretax line. 
There was also a sharply 
increased interest charge of 
£659,000 (£255,000) derived 
Jargcdy from the Highland and 
Norbain deals. 

Operating profits fell to 
£125^)00 (£719,000) on turnover 
of £34.1m (£30 2 m). Mr Cohen 
said the fall in margins was 
because the company had pre¬ 
viously carried'-heavy stocks 
which had to be "dissipated”. 

However, Sir Campbell 
Fraser, non-executive chair¬ 
man, pointed out that of the 
post-interest loss of £534,000 
only £7,000 related to the sec¬ 
ond half as a result of the dis¬ 
posals, management reorgani¬ 
sation and overhead savings. 

Losses per share emerged at 
3.8p (0.6p). Like the interim, 
the final dividend is being 
passed - last time a total of 
0.5p was paid. 

Over the year borrowings 
were reduced from £6m to £4m. 


Sidney Banks 4% ahead 


TURNOVER at -Sidney C 
Banks, the agricultural mer¬ 
chants and cereal processors, 
advanced 23 per emit in the 
year ended April *30 1992, but 
the growth in pretax, profit 
was limited to 4 per cent 

Sales came .to £239.8m 
(£195.2m) and the profit to 
EL29m (&L2lmj. 

Earnings per share were 
trimmed to 199p (20.2p) while 
a maintained final dividend of 
5£p increases the total to 8^5p 
(8pX 

The directqra, said that 
another hugest of excellent 
quality 1 meant-, the company 
was again unable to mg kft foil 


use of its skills in grain max 
keting. The volume of sales a 
farm supplies had been mam 

tainod 

Non-agricultural activitie 
continued to make satisfector: 
contributions. 

Recent investments in Ranir 
Odam Dennick and Dolton: 
helped to increase profits. 


Prto* lor «<acndiy oOKminM 
pw popoi °> Bio «Hrtnoiv pooln 


International subsidiary.. 

Net asset value falls 
at Contra-Cyclical 

Contra-Cyclical Investment 
Trust bad a net asset value of 
35-8P.per capital share at June 
30 against 5L6p a year earlier. 

For the three months to end- 
June net revenue amounted to 
£269,209 (£360,370) for earnings 
per -share of 3.4p (15p). The 
interim dividend is a same- 

again 2^5p. 

The trust was incorporated 
m February 1991 and started 

trading on March 28 19SL 

Assets rise 10% at 
Independent Inv 

The Independent Investment 
Company,, which principally ■ 
invests in venture capita] 
opportunities; : reported a 
near-10 per cent rise to 0Q.ilp 
fo net assets per share at June 

, 5*£ore *ud the rise from 
last asms 54_8p was achieved 
dtejrfte the "sluggish" economy 
“5 *^5 P« cent fell in the 

dnllar/stening exchange rate. 

Available revenue for the 
year-was £587,000 (£660,000) 
equal to earnings of 0 . 63 p‘ 
g^np) . per share. The single 
qwdend 4 riS€».from 0.45n to 
OJSp. : . . _ . 


In England anAMtaiT 
UMk 

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19JH 2022 

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1923 1756 

1923 1725 

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MW 1929 10.94 

07 * 1MB 20.16 

20.10 23 32 

M.I2 23.70 

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3024 27 73 

2329 2723 

2525 2723 

Jig KM 2S20 

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U52 2103 

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' • • • ‘wcioum, 

















































FINANCIAL TIMES WEEKEND JULY 25/JULY 26 1992 

Mgffggpp — .. • . 





9 The Financial Times Ltd 1992. 

EQUITY GROUPS f 
& SUB-SECTIONS —- 

figures io parentheses shew imt ^ 
number of stocks per sealer .Ip, . ( 




FT-ACTUARIES SHARE INDICES 


the Financial Times Ltd in conjunction with the Institute of Artnariac and sha Faculty qf Actuaries 


LIFFE EQUITY OPTIONS 


ECONOMIC DIARY 

TODAY: -Opening of the 
Olympic Games In Barce¬ 
lona (until August 9). 

TOMORROW: Mr Douglas 
Hurd, foreign secretary,- vis¬ 
its Hbng Kong. Autumn-Win¬ 
ter fashion shows In Paris 
(until July 30). 

'MONDAY: Engineering sales 
and orders! at-current and 
constant prices (May). Quar¬ 
terly house puchase finance 
statistics (second quarter). 
Lloyd's of London extraordi¬ 
nary general meeting. Euro¬ 
pean Community sponsored 
talks in London on the future 
of Bosnia due to 'resume 
amongst the-three warring 
factions. Professional Asso¬ 
ciation of Teachers Confer¬ 
ence in Loughborough (until 
July 29).’ 

TUESDAY: CBI industrial 
trends survey (July). 
WEDNESDAY: Bricks and 
cement production and 
deliveries (second quarter- 
provisional). London sterling 
certificates of' deposit 
(June). Monetary statistics 
(including bank and building 
society balance ~ sheets) 
(June). Bill turnover statis¬ 
tics (June). Sterling com¬ 
mercial paper (June). Money 
market statistics (June). Pro¬ 
visional analysis of bank 
tending for house puchase 
(second quarter). United 
Nations conference in 
Geneva on refugees in 
Yugoslav crisis opens. US 
Senate finance committee 
holds second of a series of 
three hearings on the state 
of US trade policy and the 
merits of pending trade leg¬ 
islation. English Tourist 
Board annual report Interim 
results from BAT Industries 
and The Telegraph. 
THURSDAY: Energy trends 
(May). New vehicle registra¬ 
tions (June). Digest of 
United Kingdom energy sta¬ 
tistics (1992). US jobless 
claims; real gross-domestic 
product (second quarter 
advance); new home sales 
(June) and tmport/exporf 
price indexes (June).. British 
Telecom annual meeting. 
Interim results from. 101 . 
FRIDAY: US’ personal 
income (June) and factory 
orders (June). British phar¬ 
maceutical industry pub¬ 
lishes.,..annual-. Lreyjew. , 


1 CAPITAL SOWS 076) n 

2 Building Materials (22). 

-3 fatrixlln&OKI/Ktluaa).. 

4 Electrical(9)...._ 

5 Electronics 128)..,_ 

- 6 Enginea-tag-Aerospaee (U. 

7 Engineering-General (43)., 

8 Metals Mdl Metal FonnJqg (7).. 

9 Motors CM)——........ 

10 Otter Imbstrial Materials CL9), 

21 CONSUME! GROUP (189)_ 

22 Brewers and Distillers (24).-.. 

25 Food Mamifacturtrig(19).. 

26 Food Retailing08)....... 

27 Health and Household (24)! 

29 Rotds and Leisure (18).. 

30 Media (27)_. 

31 

34 Store 03):_...._ 

35 Textile (9)...:...;_.;„.... 

40 OTHER GROUPS 018)-. 

41 Bialncss Service 0L7>.... 

42 Chemicals (22) _ 

. 43 Conglomerates CLD. 

44 Transport (14).:....._ 

• 45 Electricity (16)...... 

46 Telephone Net*orfcs(4).., 

47 WaterCU)__ 

_48 Miscellaneous (23)_L. 

49 industrial 6t8UP(483)- 

51 Oil & Gas0.7?. J 

59 500SHARE III BEX (500) j 

61 FINANCIAL GROUP (85) 

62 Banks (9)- 

65 Insurance (Life) (6)_ 

66 Insurance (Composite) (7).. 

67 Insurance (Brokers) (10). 

68 Merchant Banks (7)._ 

69 Property C31)...-J 

70 other Financia l (15).j 

71 liwestmewtTni 


Friday July 24 1992. 

I Escl Gross Es. 

M Oh. PfE 
Ratio 

QangttninJIMct at (Net) 

% - -125%) 


. . Tta Wed Tne' 

Jul Ju) Jd 

23 22 21 

xd ad L 

1992 Index Index Index 

to date No. No. No.- 




H)3 

-LO o.m 
-U '529 
-OJ 766 
40.2 8 46 
-0.7 1207 
-0.7 8.99 
-1.4 5.96 

-0.6 853 

-0.4 7.84 
-0.9 8.02: 
-2J. 83l! 

-0.6 ' 9J.7 
-OJ 8.97 
-03 739 

-03 735 

-L7 L18 

-OJ 7J2 
-0.9 730 
-05 7.971 

-03 10.44| 
-U 6.89 
-L4 .7.97 
-0.6 1060 
-L6 8.98 

-1J2 15 JL1 
40.6 1133 
-12 1633 
-U) 5.80 


l-la W.6J- 

4J» 41.65 

6.70 16.91 
437 14.73 
8.63 10.49 
5.26 13.78 
735 2439 
735 15.43 
5.25 1536 
3.77 1329 
3.76 14.18 
4.49 13.49 

335 1434 
235 15.41 
636 17.68 

3.70 1738 
437 17.02 

336 16.94 
5.06 15.65 
532 1L96 
422 17.72 
530 1537 
8.02 11.83 
537 13.74 
539 838 
431 1131 
631 6.78 
5.08 2258 


035 nm mm 
2520 665.80 670.61 

68.82 226535 225239 

44.82 1903.901882.78 
11.27 30410 308.45 

11.44 46L61 462.76 
6.92 284.72 288.41 

10.04 31312 319.46 
3633 158615 159055 

24.61 153930 1530.26 
29.60 1985.97 1967.43 
26.01 1183.47 1183.96 
44.70 273483 2683.19 
37.92 3763.67 379U4 
2334 U0132 107081 
2739 146350 1479.07 
14.76 728.98 724.* 
16.% 975.78 95683 
14.72 61535 61L02 
25311202.47 I203J20 

20.781240.44 1246.73 
3310 1340.35 1335.64 

23.62 1162.19 118638 
54.40 223355 2227.94 
3833 132837 1335-76 
2L77 1365* 1365.92 
8685 2775.68 277688 
2919 195802 1955.98 


929.04 20/5 
1121.5? 11/5 

1069.64 11/5 
275830 22/5 

2080.64 13/5 
406.10 20/5 
56762 20/5 
37931 18/5 
403.06 21/5 

190685 11/5 
176138 11/5 
227885 LL/5 
1327.80 11/5 
2998JA 16/5 
465494 14/1 
145036 13/5 

1721.09 U/5 

87533 13/5 
113586 27/4 
756.70 8/5 
135932 11/5 
1511.16 U/5 
1629.99 8/5 
1509.94 U/5 
279011 20/5 
137L71 7/7 
150586 22/5 
2934.20 U/5 
216785 U/5 





Highs and Lows index 


737.80 24/7 

790.44 22/7 

657.44 24/7 
2252.59 22/7 

1655.93 13A 
301.86 24/7 
45580 2 A 
280.74 24/7 

277.78 10/1 
149530 2 A 
1524.72 24/7 
193885 8/4 
U7632 24/7 
229380 10/1 

3660.94 2/7 
1070.61 22/7 

1402.70 8 /1 
714* 2/1 

941.79 3/4 
58729 8 A 

114056 3/4 
122010 24/7 
1322.11 24/7 

1174.70 24/7 
2197.41 24/7 
1044.63 7/4 
127420 31 4 
2140* 8/4 

1770.94 3 


183617 24 


128204 


AIM Won M0 62 90 102 b 12 15 

C615) 600 <5 55 70 22 28 33 

450 21 33 45 48 53 60 
K0A 20 4 10 U Z 2ij 4 

P2bl 8 «i I ) < 5 Hi 

M 2 4 5b 5b 7b 0 


-L2 - 

-L6 722 5.98 19.66 

-0.1 - -635 - 

-1.7 - 820 - 

.... 1036 8.68 12.70 
-03 -■ 4.98 - 

-03 1024 8.06 1322 
-03 -780 7.42 ttv. 


93L41 102634 20/5 
L528JS 161338 21/5 
650.94 56434 13/5 
1146.65 103135 27A 
425.01 52189 22/5 
917.78 799.69 20(1 
247.71 Hl» 5«5 


790* 3 
1243.61 6 
419.96 » 
742.44 
405.18 7 
56538 

751 1#, 7 


50.7113/12/74 
4427 11/12/74 
7148 2 /12/74 
84.71 25/6 /62 
1229.01 8 m 85 
30186 24/7 /92 
339.57 23/1 fll 
4965 6 A/75 
1991 blips 
27735 25/1 /SI 
61.41 13/12/74 
69.47 13/12/74 
5967 11/12/74 
5125 U/12/74 
17538 28/5 ISO 
54.83 9 A AS 

116&91 ibp rn 

43.46 6 A [JS 
5283 6 A/75 
62. b6 U/12/74 
5883 6/1/75 
B95L8 1/2/91 
71 JO 1 /12/74 
975.19 10/11/87 
90.80 29/6 /62 
994.96 78/91 
517.92 30/11/84 
182020 1/5/90 
6039 6/7/75 




1493.99 U 


696.67 13A0/87 
102634 20/5 PQ 
163233 4/9/91 
768.11 29/12/89 
139936 17/7 /87 
54739 12/10/87 
1398 87 5/9 /89 


8rtt. AJnton 220 42 

F248 I 240 26 

260 16 

SnKl Bh- 

ebMA 425 43 

>”448 ) 450 25 

475 15 

Ban 420 3a 

1*435 1 460 16 

B.P. 200 19 

ra06) 220 91, 

BrtUASw 50 fl 

1*53 ) 60 4 


44 50 5 8 10 

38 38 10 lb la 

22 28 21 25 27 

55 - 10 15 - 

38 - 19 25 - 

27 - 34 38 - 

46 57 12 17 20 

26 35 32 36 38 

23 2712b 16 IB 

15 20 24 2b 29 

910b 4 5b bb 

5 6b 9b 11 12 

S3 57 12 22 24 

- - 24 - - 


fcu KB Kim EB Iftit-j »-ahj niiAtS t StJ lvIiiU tii/.ijDMivtM 

: 1, ' ! 'V/^. TTI .lL 1 I n lP .U M ■TrA ^M t.I. irmn ii r .t,. 


132636 U/5 


1X138.01 24/7 



C a Wire 500 50 62 75 12 19 23 

WB-1 550 22 34 46 3b « 46 

CmuuUi 460 34 43 5b 17 24 26 

1*461 i 500 15 25 34 41 45 4S 

Cast. Union 420 23 34 39 18 22 29 

(*4251 460 8 17 21 47 48 54 

ta 160 30 38 40 14 20 24 

1*170) ISO 20 28 32 23 32 35 


UN 330 33 43 47 9 12 18 

<*355 ) 360 15 25 30 24 27 32 

Grand Met 425 2b 55 - 18 15 - 

(*427 ) 450 14 38 - 34 25 - 


BAA 600 44 67 79 5 15 23 

CWOJ 650 I! 37 £2 S 35 45 

700 3 19 30 69 73 76 

BAt Ws 650 90 97 115 lb 9 M 

rni > 700 40 62 82 10 24 29 

750 13 35 53 39 49 55 

SIR 390 39 45 55 lb 8 13 

1*423 ) 420 16 27 37 7 21 26 

460 3b 11 20 38 45 48 

BriL Teton 330 9b 21 28 9 15 19 

(*340) 360 3 10 15 34 36 38 


DCtuykb 460 19 35 50 12 21 28 

(*46b) 500 7 b » 31 38 45 49 


Eason Oft 260 21 34 39 3 7b 11 
P276) 280 7b ZI 27 9b IS 20 


Gates 500 29 45 62 7 14 23 

rS17 ) 550 8 24 34 37 46 58 

GEC 220 917b 23 4b 810b 

(*224 ) 240 2b 8 12 18 20 20b 

SUtMn U» 14b 22b 25 lb 4b bb 

(*197 ) 200 5 10b 15 712b 15 

LASM0 110 IB 30 37 12 23 26 

1*116) 120 14 27 34 18 29 33 

UtnM 901215 17 3 5b 7 
P98 ) 100 7 11 14 7 11 13 


P.&0. 330 25 32 42 8 25 29 

1*342 1 360 U 21 29 25 44 49 

PHjdngun 90 10 18 21 5 10 12 

P93) 100 5 13 18 II 15 19 

PndtAlal 220 15 20 27 3 7b 10 

(*229 1 240 3b 10 lb 12 18 20 


Emtunad 

300 

30 

43 

S3 

18 

28 

33 

F305I 

330 

14 

33 

43 

36 

45 

SO 

GUn 

TOO 

44 

66 

83 

29 

48 

58 

P7W) 

750 

22 

45 

60 

57 

78 

B7 

HU blown 

120 

13 

IB 

21 

5b 

10 

12 

1*126) 

130 

7 

13 

16 

10 

17 

19 

Uwto 

80 

711b 

15 

6b 

9 

Li 

(*84l 

40 

Vi 

B 

M 

13 

16 

17 

hsbc (/Sr 
SKI 

i 

300 

38 

49 

57 5b 

U 

IB 

r-328 > 

330 

18 

31 

39 

17 

23 

3! 

Nalloail 

Powrr 

23S 

12 

- 

— 

8 

- 

- 

("243) 

260 

2), 

9 

13 

26 

27 

29 


1000 

57 

105 

130 

35 

52 

64 

C-lOllJ 

1050 

33 

74 

105 

64 

77 

87 

ft Rq« 

140 

11 

15 

18 

6 

8b 

12 

(*143 J 

160 

3 

6 

4 

18 

22 

24 

SrottltU 

Power 

1» 

9 

U 

13 

7 

8b 10b 

FI84I 

190 

4 

6b 

- 

15 

ib 

- 

Sort 

70 

10 

11 

14 

2b 

5 

6 

prei 

80 

4b 

6 

8 

7b 

10 

11 

Fero 

140 

18 

22 

27 

4 

8b 

11 

(“151 ) 

160 

7 

12 

18 

14 

18 

21 

71m EMI 

700 

44 

62 

72 

29 

» 

28 

PJA 7) 

750 

22 

33 

45 

59 

43 

SO 

ISB 

130 

12 

IB 

20 

5 

7b 

11 

(*U8 1 

140 

6 

13 

15 

11 

13 

lb 

Vui Reefs 

40 

6b 

8b 

9 

2b 

3b 

5b 

M44 1 

45 

3b 

6 

8 

4b 

6 

a 

Welksaf 

800 

U 

99 

123 

28 

44 

49 

r -826 ) 

BS0 

40 

70 

94 

45 

68 

72 


132351 4 


132636 U/5 /92 61.92 13/12/74 


Index Da/s Da/s Da/s Juf JsJ Jul Jul Jul Year 

• ' ~ ' _ (to. Ctawe High fa) bnr(M 23 22 21 20 17 wn _ 

FI-SE IBB SHARE INDEX# 1 2377.21-223 I ^95lS6L71239931 2387.9] 2415.61 2403.71 2431.91258931 2737.8 U/5 I 2377J 24/7 


FIXED INTEREST 


PRICE 

INBBES 


British Genraamit 

1 UptoSyeentM)— 

2 5-15 years (24) . . 

3 Ow 15 yean (11).^. 

4 Ir redee mab le (6)— 
__5 All stocks (65) ..... 

Wex-LUM " 

'6 Upto5yeare(2).... 

7 Over.5years(10).... 

8 All stocks:(12) ..... 

9 Beks A Leans (62) _ 


FrI Day's 
Jul change 
24 % 

Thu 

Jul 

23 

Accrued 

Interest 

inf ad]. 
1992 
.odate 

121.44 *0.10 

12132 

L44 

7.77 

138.88 40.09 

138.75 

233 

7.72 

150.70 40J.7 

150.43 

1.65 

735 

169.19 40.07 

169.07 

2.25 

734 

135.97 40.10 

135.83 

1.96 

7.85 

173.05 40.06 

172.96 

L21 

L83 

149.98 40.19 

149.70 

0.45 

3.09 

151.97 40.17 

15L71 

035 

2.90 

121.73 40.06 

121.65 

2.82 

6J21 


AVERAGE GROSS 
REDEMPTION YIELDS 


I British Gewrenut 



1 Low 


? fSoupoftf 


3 <0%-7t(%) 




5 flnillMWK 


6 ffl%-10S, %) 

20 yen-.. 

7 High 

15 years._ 

9 CL1%-) 


10 Irredeemables. 

_u..t 


Index-Linked 

11 Inflation rate 5% 

12 Inflation rate 5% 

13 Inflation rate 10% 

14 leflatlM rate 10% 

15 Bete& 

16 Leans 

17 . 


Uplo5yn.. 

0ser5yrs.. 

UptoSyrs.. 

0ver5yn.. 


9.43 2/4 
9.72 1 /4 
9.72 1 /4 
10.28 1/4 
9.82 1/4 
9.76 1/4 
1030 1/4 
9.96 1/4 
9.86 1/4 
9.92 2/4 


4.21 22/7 
4.60 6/4 
330 2/1 
4.42 6/4 


1131 6 /4 
11.22 6/4 
11.02 6/4 


7.91 

1/6 

8.65 

9 p 

B.65 

9/7 

9.01 

3/7 

8.84 

W6 

8.81 

2/6 

9.22 

3 P 

9.00 

2215 

8.95 

22/5 

8.95 

14/7 

332 

4/3 

437 

17/2 

2.86 

4/3 

4.07 

17/2 

1030 

6 lb 

10.07 

1/6 

9.98 

1 lb 


1050 

77 

104 

122 

28 

37 

56 











EURO FT-SE INDEX (*237U 



1100 

48 

80 

43 

50 

bl 

80 

STZ 

500 

53 

65 

80 

5 

12 



2225 2275 2325 2375 2425 247S 2525 2575 








(*545) 

550 

16 

34 

44 

16 

31 

3a 



- - 

-- 

— 





420 

41 

50 

60 

13 

17 

21 

Sol & New 

420 

17 

74 

V 

10 

18 

21 

Am 

161 

114 

83 

S3 

33 

16 

8 

4 

460 

20 

33 

W 

33 

37 

40 

{”432 ] 

460 

2b 

12 

18 

42 

42 

45 

Sen 

181 

142 

1DB 

78 

55 

34 

21 

12 








240 

22 

30 



— 


Vi 




— 








Teen 


4 

10 

12 










lfcO 

34 

29 

31 

12 

17 

21 

1*250) 

260 

5 

13 

19 

14 

19 

22 










180 

14 

IB 

22 

24 

28 

31 

Tluiti 








Jai 

310 

- 

245 

- 

140 

- 

138 

- 








Water 

390 

38 

48 

53 

2 

6 

8b 










3M 

37 

43 

47 

5 

S 

U 

<*4201 

420 

13 

za 

33 

7 

14 

20 


16 

7) 

37 

57 

8b 

17? 

163 

708 

340 

u> 

23 

29 

16 

21 

24 

Vaddoor 

300 

16 

37 

38 

6 

13 


Sep 

24 

34 

50 

71 

42 

123 

Lbl 

201 








(*309) 

330 

4 

16 

24 

25 

30 

33 

Od 

30 

- 

54 

- 

97 

- 

159 

- 

300 

330 

21 

7 

27 

14 

34 

19 

U 

24 

14 

32 

15 

34 







Dec 

Mar 

Jim 

40 

55 

65 

" 

68 

73 

45 

- 

109 

108 

125 

- 

159 

155 

165 


420 

41 

51 

40 

7b 

13 

14 

Opto 

After NX. 

240 

28 

36 

41 

3 

Sb 

10 



FT-SE INDEX (*23761 





28 

37 

2/ 

30 

32 

(*2M) 

260 

14 

24 

24 

8b 

n 

16 


2250 Z3U 2350 2400 2450 2500 1550 26U 

420 

47 

55 

56 

5 

7b 

14 


280 

6 

14 

14 

23 

24 

28 



— 


— 





460 

17 

24 

32 

21 

24 

32 









Aui 

14) 

103 

68 

40 

21 

11 

4 

2b 

110 

15 

Ifl 

71 

4>i 

7 

8b 

Antrad 

25 

6 

7b 

8b 

Ib 

3 

4 


lbO 

125 

45 

68 

44 

26 

15 

U 

120 

Bb 

13 

15 

8b 

12 

13 

(*28) 

30 

3b 

4b 

b 

4 

5b 

6b 

Oq 

178 



80 

W 

45 

30 

20 






35 

2 

3b 

«b 

7b 

9b ID). 


“ 

- 

“ 

174 

“ 

7? 

“ 

32 














Dee 

— 

— 

— 

■ 

— 

37 

60 

13 

15 

14 

11 

14 

15 









Jut t 

- 

- 

- 

200 

- 

146 

- 

100 








F306) 

300 

330 

17 

28 

16 

34 

22 

14 

21 

40 

24 

47 

POTS 

Aug 

20 

34 

so 

72 

105 

146 

188 

238 

300 

35 

40 

45 

7 

10 





to 

32 

41 

57 

85 

115 

15) 

140 

240 

330 

16 

22 

28 

19 

24 

28 

BMC Ortlf 

160 

24 

32 

37 

4 

b 

fl 

Da 

38 

48 

70 

100 

- 

157 

- 

- 

goo 

70 

(•185 ) 

180 

13 

20 

25 

10 

17 

14 

to 

45 

54 

77 

_ 

_ 

_ 

_ 

_ 


IB 

A 

31 


144 

7 

14 


IS 

20 







_ 





33 

56 

74 

34 

4b 

52 

Brltfafa Gm 

24010b 

15 

21 

fl 

16 

17 

Jan r 

- 

40 

- 


- 

185 

- 

* 








P240) 

260 

4 

7 12b 

24 

24 

30 

Jab 24 Taul Coronas 20.847 





A n to 



F* 









Calls 4,447 Pue 11.400 







_ 




DtUXB 

180 



34 

4b 

7b 





m 

25 

38 

46 

11 

23 

30 

7b 

34 

11 

Eno FT-SE Calls 247 Puu 470 




200 

15 

24 

36 

22 

35 

40 

1*148) 

200 

13 

22 

3 

U 

15 

18 

‘'Untaiytng secnrUr pittE l Long Baud o\tn mths 

220 

8 

22 

30 

37 

54 

55 









Premiums dwa are based <w dosing offer prices. 


TRADITIONAL OPTION 3-month call rates 


00 ¥oipm ,ndex2m8; 9 afn 23W3 ’> 10 »n 2383^ 11 am 23903; Noon 23813; 1 pm 2361.3,2 pm 2368.9; 2J0 pm 2369.8; 3 pm 2367^; 4.10 pm 2376.1; (a) 8.35am 

£enity*ecti Mir snug Base date Basevatae EvHy section ergmp Base date Basevatae Equity sectina or group Base date Base nine 

BushieaSerylces.31/12/90 999.65 Telephone Networks. 30/11/84 517.92 FoodManufaclnring.. 29/12/67 114JL3 

Electricity._ 31/12/90 99935 Electronics. 30/12/83 1646.65 Food Retailing. 29/12/67 114.13 

Media....:_ 31/12/90 1228.68 Other Industrial Materials31/12/80 287.41 Insurance Brokers. 29/12/67 96.67 

Engineering-Aerospace. 29/12/89 486.00 Health/Househnld Products_ 30/12/77 26L77 All Other. 10/4/62 100.00 


Electricity._ 31/12/90 99935 Electi 

Media....:_— 31/12/90 1228.68 -Other 

Engineering-Aerospace. 29/12/89 486.00 HealtJ 

Engineering-General...;_ 29H2J89 486.00 Other 

Water:_i.„.^_:_ 29/12/89 1968.45 . Indust 

Conglomerates. 31/12/86 1114.07 Other 


517.92 FoodManufaeluring.. 29/12/67 114JL3 

1646.65 Food Retailing. 29/12/67 114.13 

287.41 Insurance Brokers. 29/12/67 96.67 

26L77 AllOther. 10/4/62 100.00 


ahold Products_ 30/12/77 26L77 AllOther. 10/4/62 100.00 

l..-... 31/12/74 63.75 British Government. 31/12/75 100.00 


1968.45 Industrial Group.. 31/12/70 128.20 Do. Index-linked. 30/4/82 

1114.07 Other Financial... 31/12/70 128.06 Debs& Loans... 31/12/77 

lefrom the Publishers. The Financial Times, Number One, Southwark Bridge, London SE19HL The FT-ACTUARIES SH 


f Fiat yield. A list of constituents Is available from the Pobitsheirs, Tlus Financial Times, Number' One, Southwark Bridge, London SE19HL The FT-ACTUARIES SHARE INDICES 
SERVICE cowsarange of electronic and paper-based products rotating to these Indices. 741:071-925 2J23.C0IKTirUHtr CHANGES.- DELETION: Arthur Lee & Sons (8); ADDITION: 
-MlrrorG3OTNewspapB?C3Cp.', , V 





MH 




FINANCIAL TIMES CONFERENCES 




IN THE 1990s 

Responding to the Challenge of Change 

London, 28 & 29 September 1992 

This topical conference will review the new challenges and opportunities facing 
retailers in a changing envirdnrhent and debate strategies for future growth. Subjects 
to be addressed; ; r . 

* Managing international expansion 

* Opportunities for retailers in Eastern Europe 
*The importance of adding value 

* New distribution possibifities 

- ■ * Meeting European consumer expectations 
Speakers include: r 


Mr Geoffrey J Mulcahy 

Chairman and Chief Executive = 
Kingfisher pic 

Mr Michel Bon 

President Directeur G6n6ral 
Carrefbur 

Mr Neil Kennedy 

Executive Vice President 
BSB Europe 


Mr Liam Strong 

Chief Executive 
Sears pic 

Mr Stephen G Russell 

Managing Director 
Do it Ail Limited 

Mr John Evershed 

Deputy Head of Distributive Trades Unit, DG XXIII 
Commission of the European Communities 


Mr Richard C Anderson Mr Bernhard A Schmidt 

Chief Executive Officer & Vice Chairman Chief Executive Officer 

Lands’End Inc . . Spar AG 

Coopers 

A FINANCIAL TIMES CONFERENCE In association with &|_yDrand 


RETAILING IN THE 1990s 

□ Please sendme conference details 

□ Please send me details about exhibiting 
at the conference 


FINANCIAL TIMES 
CONFERENCES . 


Fbumdal Times ConferaMe OrganisatMm 

126 Jenaya Street, London SW1Y 4UJ, UK 

Tel: 971-9252323. Hx.27347FTCONFG. Fax: 071-9252125 

Name_'__ 

Position ■ ■ _Dept_ 

Company/Organisatioa__ 

Address _• . 



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Type of Business. 


City 

jjCountry 

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V" 




12 


traANriAL TIMES WEEKEND JULV 25.3VLV 26 1992 


INTERNATIONAL COMPANIES AND FINANCE 


Chicago insurer 
to pay $475m 
for Frank B. Hall 


By Nikki Talt In New York and 
Richard Lapper In London 

AON Corporation. the 
acquisitive Chicago-based 
insurance group, yesterday 
emerged as the buyer of Frank 
B. Hall the troubled insurance 
broking subsidiary of Mr Saul 
Steinberg's Reliance Group. 

Hall, which ranks as seventh 
biggest broker in the world 
with revenues of $ 462 m in 1991, 
takes in Leslie & Godwin, the 
leading Lloyd’s broker. 

Aon will pay S475m for most 
of Hall's assets, with the con¬ 
sideration comprising SL25ra in 
cash, S225m in 8 per cent 
cumulative preferred stock and 
8125m in 6.25 per cent cumula¬ 
tive convertible exchangeable 
preferred stock. The deal 
makes Aon, which owns the 
Ro llins Burdick Hunter insur¬ 
ance broking operations, the 
third-largest US brokerage. 

It is the latest in a series of 
realignments in the highly- 
competitive insurance broking 
industry. Rollins Burdick 
Hunter has been expanding 
operations in Europe, where it 
acquired the Dutch broker, 
Hudig Lange veldt, last year. 

Aon's presence in the Lon¬ 
don insurance market, where 
the group owns a 40 per cent 
stake in Nicholson Chamber- 
lain Colls, is increased. 

Leslie & Godwin, has. like 
NCC, been a strong player in 


the aviation insurance market 
and has a significant retail net¬ 
work in the UK. 

Han which has made losses 
in the four of the last five 
years, has had a troubled his¬ 
tory. ft was embroiled in a 
series of lawsuits during the 
1980s centred mainly on dis¬ 
continued or formerly-owned 
direct underwriting subsid¬ 
iaries, including Union Indem¬ 
nity which was eventually 
declared insolvent 

Under yesterday's deal Aon 
will take on only some of Hall’s 
liabilities. Those related to 
Union Indemnity, and any 
"errors and omissions" claims 
against Hall will be excluded. 
The buyer will not assume 
Hall’s S75m of bank debt nor 
indebtedness to Reliance. 

Reliance will provide $l8m a 
year of reinsurance brokerage 
commissions to Aon, for 15 
years. 

Reliance, a New York-based 
finan cial services group con¬ 
trolled by Mr Steinberg, owns 
about 70 per cent of Hall. It 
said that it expected to show a 
gain of about S50m after tax 
when the sale is completed. 

The remaining shares in Hall 
are quoted, and once the asset 
sale is completed, what 
remains of Hall will be merged 
into another Reliance subsid¬ 
iary and Hall shareholders will 
receive 0.625 shares in Reliance 
for each Hall share owned. 


BSN moves against 
hostile stake-building 


By Alice Rawsthom In Paris 

BSN, the French group which 
is one of the most powerful 
players in the European food 
industry, plans to take a defen¬ 
sive step against hostile stake¬ 
building by banning any inves¬ 
tor from exercising voting 
rights over more than 6 per 
cent of its equity. 

The proposal suggested by 
Mr Antoine Riboud, BSr>Ts vet¬ 
eran chairman, and endorsed 
by a board meeting yesterday, 
ail] be submitted to sharehold¬ 
ers at an extraordinary meet¬ 
ing in late September. 

BSN has come under the 
spotlight because of its role in 
the controversial battle for Per¬ 
rier mineral water. During the 
bid BSN broke ranks with its 
old allies, the Agnelli family of 
Italy which owns 5.8 per cent 
of the French food group, to 
side with Nestle, its chief com¬ 
petitor, in return for an agree¬ 
ment to buy Volvic, one or the 
Perrier mineral waters. 


The Volvic deal went 
through earlier this week after 
the European Commission, ini¬ 
tially critical of the tactical 
liaison between the two rivals, 
gave the green light to Nestld's 
FFrl5.46bn ($3.03bn) bid. How¬ 
ever, the Penler drama raised 
questions about the long-term 
relationship between BSN and 
the Agnellis. 

BSN's proposals involve lim¬ 
iting the voting rights of any 
shareholder to a maximum of 6 
per cent - the amount held by 
Lazard, BSN’s biggest investor 
- or 12 per cent if they have 
double voting rights. This 
restriction would be waived if 
any investor acquired more 
than 90 per cent, thereby facili¬ 
tating a full bid. 

BSN said the voting restric¬ 
tion was necessary because its 
equity was so widely dispersed 
that it was anxious to avoid 
the threat of an Investor exer¬ 
cising disproportionate influ¬ 
ence over the company by buy¬ 
ing a minority stake. 


Royal Trust 
quarterly 
dividend cut 
to 10 cents 

By Bernard Simon in Toronto 

ROYAL Trust, the financial 
services group controlled by 
Toronto’s Bronfman family. 
has cat its quarterly dividend 
and is putting up for sale the 
US banking subsidiary which 
it acquired less than three 
years ago. 

The measures are a response 
to the unexpectedly severe 
slump in North American and 
UK property markets which 
has sharply increased the 
losses which Royal Trust is 
likely to suffer on its loan 
portfolio. 

Companies in the Wmnfhmn 
empire are closely linked 
through investments in each 
other’s common and preferred 
shares. Problems at Royal 
Trust and at Bramalea, a prop¬ 
erty developer, have recently 
eroded investor confidence In 
the group. 

The company said that RTs 
dividend cut, from 18.5 cents 
to 10 cents a share, would not 
be material to the group's 
most senior companies, such 
as Brascan, Hees International 
and Edper. Brascan has a 23 
per cent indirect interest 
In RT. 

RTs share price fell 25 cents 
in early trading on the 
Toronto stock exchange yester¬ 
day to C$5.75. The shares 
reached a peak of almost C$36 
in 1986. Shares of other Bronf¬ 
man-controlled companies 
were little changed. 

RT suffered a second-quarter 
loss of CS8m or 14 cents a 
share, compared to a C$43m 
pro fi t or 17 cents a share a 
year earlier. Loan loss provi¬ 
sions jumped to C$70m 
(US$58.3m) from C$27m. The 
weakness of the UK property 
market led London-baaed 
Royal Trust Bank to set aside 
C$27m in loan-loss provisions. 
The British operation suffered 
a C$34m loss. 

Non-performing loans in 
RTs Canadian corporate and 
commercial loan portfolio 
have jumped from Id! per cent 
to 5.1 per cent in the past year. 
The company disclosed that 43 
per cent of “discontinued’’ 
loans in the US. totalling 
C$583m, were non-performing. 

RTs decision to sell its US 
subsidiary. Pacific First Bank 
of Seattle, marks a further 
humiliating retreat from 
efforts during the 1980s to 
expand outside Canada. The 
company has either sold or 
closed most of the assets 
acquired with the purchase in 
1986 of Dow Financial Ser¬ 
vices, the international bank¬ 
ing arm of Dow Chemical 
Pacific First has 136 
branches, most of which were 
part of former savings and 
loan institutions. 


Coup puts bank on top down under 

NAB’s acquisitive streak may not have been satisfied by Its takeover of the troubled Bank of New Zealand, wn 


Brown 


M r Don Argus, manag¬ 
ing director of 
National Australia 
Bask (NAB), is doing bis best 
not to look smug this week 
after pulling off a coup which 
maitpg NAB the biggest hank 
in Australia and New Zealand. 

Mr Argus has good reason to 
be pleased. 

NAB was roundly criticised 
during the 1980s for Baling to 
take part in the scramble for 
domestic asset growth which 
accompanied the disastrous 
antipodean entrepreneurial 
boom. 

Instead, Mr Argus and his 
Melbourne-based colleagues 
concentrated on reducing costs 
and expanding overseas, prin¬ 
cipally through careful acquisi¬ 
tions In the UK and Ireland. 

NAB’s latest overseas move, 
the NZ$L4Sbn (USSSOOm) pur¬ 
chase of the troubled Bank of 
New Zealand (BNZ). 
announced on Tuesday, has 
been widely hailed as a deal 
which offers multiple benefits 
to all parties. 

New Zealand's conservative 
government has disposed of an 
embarrassing liability' inher¬ 
ited from the previous Labour 
government, which was forced 
to rescue the BNZ in 1988 after 
it faced collapse under a moun¬ 
tain of entrepreneurial debt 
Fay. Richwhite, the New Zea¬ 
land merchant b ank which 
oiled the wheels of the rescue 
by taking a 27 per cent stake in 
BNZ, will emerge from what 
looked like an embarrassing 
mistake by breaking even on 
the deal. But the real winner is 
NAB, which becomes the larg¬ 


Auctrafla's Leading Banka (A$bn) 


NAB 

Westpac 

ANZ 

Total assets 

109.6*. 

107.3 

99-2 

Interim net profit/(toss) 

405.6 

(1,067) 

135.5 

Non-performing loans 

4.25 

8.19 

3.53 

A 3 % of risk weighted assets 

5.4 

10.6 

4.5 

Capital adequacy ratio (%) 

10* 

8.4 

10.8 

. Todudss BNZ 


est player in an important 
regional market at a cost erf 
some NZ$200m less than it was 
prepared to pay five years ago, 
when it emerged that a rescue 
of some kind was inevitable. 

Characteristically, the ultra- 
cautious NAB management 
has insisted on an eight-week 
delay in completion erf the deal 
while it conducts a detailed 

PXflmrnntirm of the BNZ books. 

The purpose of the delay is 
to ensure that there are no 
unexpected holes in the 
accounts, particularly in the 
area of non-performing loans 
and the valuation of the prop¬ 
erty portfolio. 

However, the accounting 
checks are unlikely to turn up 
much that has escaped NAB’s 
accountants in the five years 
sin ce the hanfc began stalking 
BNZ. 

In addition, th e de*u limits 
NAB’s exposure to potential 
taxation, litigation and prop¬ 
erty revaluation losses to 15.7 
per cent of any liability beyond 
BNZ’s existing provisions. 

The real significance of the 
deal is that it confirms NAB’s 
position as the biggest and best 
of Australia’s four leading 
banks, in terms of both assets 
Bnri management q uality 


The addition of BNZ’s assets 
of NZS19Bbn (A$14.5bn) will 
increase NAB's global assets to 
A$109Bbn (US$8L7bn), putting 
it ahead of Westpac Banking 
Corporation with ASl07.5bn 
and Australia and New Zea¬ 
land Banking Group (ANZ) 
with A$99.2bn. Commonwealth 
Bank, the government-con¬ 
trolled bank which was part- 
privatised last year, has assets 
of just under ASaobn. 

Moreover, NAB has weath¬ 
ered recession and the shake¬ 
out from the 1980s better than 
its rivals, mainly because of 
tighter control of costs and 
margins, and its pursuit of the 
home lnana market rather than 
riskier commercial landing 

As a result, NAB has been 
able to get on top of its bad 
debt problems more quickly 

than its Competitors, PhshHng- 

it to eliminate losses in domes¬ 
tic commercial and finance 
lending. 

NAB recently reported net 
profits of AS405.6m for the six 
months to March, which com¬ 
pared with A$13&5m at ANZ 
and a loss of A$L67bn at West¬ 
pac, after bad debt writeoffs of 
A|2.65bn. 

NAB has been helped by the 
contribution to from 


its subsidiaries in the UK and 
Ireland - Clydesdale Bank, 
Yorkshire Bank, Northern 
flank and National Irish Bank 
- all of which were acquired 
in the last five years. 

The contribution has 
declined in line with recession 
in the UK and Ireland from 45 
per cent of net profits in the 
first half of 1990-91 to 31 per 

cent in the first half of lie 

current year. However, ana¬ 
lysts say the decline in Euro¬ 
pean earnings should be 
reversed when the economy 
recovers. 

Overseas earnings are likely 
to he be lifted by efficiency 
ga in s as NAB brings the 
expenses of its European sub¬ 
sidiaries into line with the 
lower levels achieved in Aus¬ 
tralia. 

The acquisition of BNZ 
increases NAB’s overseas 
assets from 43 per cent of total 
assets to 51 per cent, giving it a 
significantly larger overseas 
investment *ban either ANZ, at 
34 per cent, or Westpac, at 36 
percent 

NAB confirmed after the 
announcement of the BNZ deal 
that it remains interested in 
further overseas acquisitions, 
particularly in the US car the 
south of the; UK, where it is 
unrepresented. 

The bank’s capital adequacy 
ratio will fall from LL7 per cent 
to 10 J. per cent following the 
BNZ acquisition, hut remains 
well above the-8 per cent level 
required by the Reserve Bank 
of Australia. 

Tins would allow Mr Argus 
to make one or more small 


Agnelli finance company 
improves to L218.4bn 


By Haig Simonian In Milan 

1STITUTO Finanziario 
Industriale (TFI). the financial 
holding company of Italy’s 
Agnelli family, lifted net prof¬ 
its to L218.4bn ($190-24m) in 
the 12 months to March 31 
from L206.6bn a year earlier. 

Consolidated net earning s 
reported for the first time - 
amounted to L285bn, while 
shareholders' funds came to 
L3^54bn. 

A large part of IFTs earnings 
stemmed from extraordinary 
gains, amounting to L7l-5bn, 
on the continuing reduction in 
its holding in the Fabbri pub¬ 
lishing group, which is being 
sold to Rizzoli-Corrlere della 
Sera. Dividend receipts from 
companies in which DPT has a 
stake, notably Fiat, rose to 
L174bn from L170.9hn. HI is 
paying an unchanged dividend 
of L315 per ordinary share and 
L365 for savings stock. The 
entire ordinary share capital is 
held by the Agnelli family. 

Sprlnd and Finanza & 
Future, the two Italian invest¬ 


ment funds controlled by Mr 
Carlo De Benedetti’s Coride 
group, are to merge. The deal 
will create the country's third- 
faiggest fund management 
group. The joint concern will 
have about L4,500bn under 
management, giving it a com¬ 
bined share of about 7.5 per 
cent of the Italian fund man¬ 
agement markpt 

Mr Antonio Corti, managing 
director of Finanza & Futuro, 
said the merger was designed 
to allow the two companies to 
meet the Bank of Italy's 
recently announced new. capi¬ 
tal' adequacy rules for invest¬ 
ment funds without the need 
to pump in extra cash. 

Under the central hank’s 
new requirement, Italian fund 
management groups will have 
to have shareholders’ funds. 
equivalent to at least 0.5 per 
cent of their total funds under 
management, up to ceiling of 
L20bn. One of the Cofide com¬ 
panies meets the new level the 
other does not The combined 
operation will have a capital 
base of over L20bn. 


Underwriters 
take up 50% of 
Hafhia shares 

By Hilary Barnes 
In Copenhagen 

THE underwriters of Hafnla’s 
DKrl.9bn ($333.5m). rights 
issue were forced to take up 
about half the troubled Danish 
insurance group's shares on 
offer. 

Most of the 7.08m A shares 
were taken up by 
Shareholders, hut 77.4 per cent 
of the 9-30m B shares, valued 
at DKr977m, had to be 
accepted by the imrfhn ti^HMi 
investors who underwrote, the 
issue, of which Denmark’s . UD 
Fund was the main one. - 

The issue was priced at 
DKrl05 a share, hut the B 
shares traded at about DKr95 
during tiie period of the Issue. 

Before the issue, now fully 
subscribed, Halula's equity 
capital was a negative 
DKr450m. 

It is expected that 
substantial cuts in staff and 
the sale of some subsidiaries 
will be announced in the 
autumn. 


Norwegian shipowner’s 
profits reduced by 46% 


By Karan Fossil In Oslo 

LEIF HOEGeEL one of Norway's 
top three bourse-listed ship¬ 
owners, disclosed a near 50 per 
cent fall in. fipst-half net profits 
to NKrl20m. ($20.6m) from 
NKr224m a year earlier. 

This , followed a'plunge to 
second-quarter net losses of 
NKrlSm from, profits of 
NKrl28m In the a period 
last year. 

The deterioration - was 
mainly dlie fo diffinnlt marke t 
conditions for the combination 
carriers, as well as higher oper¬ 
ating expenses; ami .a lower 
average exchange rate between 
the dollar and the krone, the 
company said. 

Group operating profits in 
the first half fell to NKrl6lra 
from NKr229m. The company 
said that it considered the 
operating result to be a good 
one in view of the prevailing 
conditions of the shipping mar¬ 
kets and the weakened dollar. 

First-half freight revenue 
slipped to NKrld)84bn from 
NKrl.l42bn . as operating 


expenses rose to NKr239m 
from NKrl72xn. 

The group took a charge of 
NKr4lm for financial losses 
against a NKr6m gain last 
time. In the second quarter 
financial losses hit NKr86tn - 
including foreign exchange 
losses of NKr79m - compared 
with losses of NKr4m a year 
before. 

• Yard, the Norwegian cruise 
and ferry operator, has 
reported a fell in first-half pre¬ 
tax losses to NKrl2&5m from 
NKrl90-3m a year earlier. 

In the second quarter. Vard 
cut; pre-tax fosses to NKr86Bm 
from NKr 138.6m for the same 
period in 199L 

The group turned round to 
half-year operating profits of 
NKr210J21m from losses of 
NK38iEm. Vard said the out¬ 
look in 1992 and 1993 for its 
cruise operations appeared 
promising. 

Larvik Line, one of Vard’s 
ferry operations, returned to 
half-year operating profits of. 
NKrll.Zm from losses of 
NKrSBm. 


'i.'. 




acquisitions without returning 
tothfi markets for fresh espi¬ 
al But analysts suggest NAB 
may have something more 
exciting in mind in the 
medium term. 

The most unexpected devel¬ 
opment: erf the last few years 
has been the relegation of 
Westpac, once Australia s 
undisputed leading bank, to 
the bottom of the Australasian 
banking league. 

The decline, mainly caused 
by Westpac’s rapid accumula¬ 
tion of poor quality assets in 
the 1980 s, has caused the 
group's market capitalisation 
to fall from more than AS7bn 
to just over A$4bn. 

By contrast, NAB’s strong 
performance has lifted its mar¬ 
ket valuation to more than 
A$9bn. making it Australia's 
second largest company after 
Broken Hill Propriety (BHP). 

NAB is known to have con¬ 
sidered bidding for both West¬ 
pac and ANZ, valued at just 
over A$4m, but has been pre¬ 
vented by the ruling Labor 
government’s policy of pre¬ 
venting mergers between Aus¬ 
tralia’s six leading financial 
institutions. 

That policy will disappear if. 
as seems increasingly likely, 
the opposition conservatives 
win the next federal election, 
due by mid-1993. 

If that happens, NAB may 
need to raise fresh capital but 
there seems little to prevent a 
hid for one of its rivals. That 
would nearly double its asset 
base and create an Australian 
hanking group of global impor¬ 
tance. 






WORLD COMMODITIES PRICES 


WEEKLY PRICE 
CHANGES 

Latest 

prices 

Change Year 
on week ago 

High 

1992 

Low 

1992 

Gold per troy oz_ 

S357.45 

-OB 

$365.20 

$358.40 

$335.20 

Silver Par troy oz 

206.57p 

+ 4.67 

233.70p 

242.70P 

aoi.ifp 

Aluminium 99.7% (cash] 

S1337.5 

+ 28 

$1261.0 

$1339.0 

$1105.5 

Copper Grade A (cash) 

£1340.5 

+ 22 

£1307.25 

£1340.5 

£1125.0 

Lead(cash) 

E342.0 

+ 17.5 

£325.00 

£342.0 

£278.50 

Nickel (cash) 

S7560 

+ 30 

$8155.0 

$8105.0 

S7065.0 

Zinc SHG (cash) 

$1340.5 

+ 2 

$1056.0 

$1457.5 

$1108.5 

Tin (ca3h) 

S7015 

+ 107.5 

$5745.0 

$7115.0 

$5425.0 

Cocoa Futures (Sep) 

£612 

+ 36 

£608 

£773 

E523 

Cotlee Futures (Sep) 

$753 

-20 

$534 

$1013 

$678 

Sugar (LDP Raw) 

S272-6 

-1.8 

$282 

$272.6 

$193 

Barley Futures (Nov) 

£113.80 

-0.40 

£113.65 

£123.90 

£106.90 

Wheat Futures (Nov) 

£115.45 

+ 0.20 

£115.00 

£131.85 

£109.85 

Colton Outlook A index 

65.10c 

-0.15 

79.45c 

65.90c 

52£5c 

Wool (64s Super) 

381p 

-13 

362p 

480p 

377p 

OH (BrBnt Blend) 

S20 62SX 

+ 0.25 

$19,525 

$21.30 

$17.00 

F«r fonno unless otherwise stated. TUnquoted. p-pence/kg, c-conm tb x-Sejx 


COCOA - Lot i on FOX 



Close 

Previous 

High/Low 

Jul 

590 

590 

585 

am 

6(2 

599 

SI4 584 

Dec 

640 

630 

643 023 

Mar 

669 

659 

670 654 

May 

887 

678 

687 674 

Jul 

70S 

097 

703 692 

Sep 

723 

714 

710 

Dac 

748 

742 

745 

Mar 

777 

769 

774 772 


COFFR1 - London POX 


Srtonne 


London Markets 


SPOT MARKETS 

Crude 06 (per barrel FOB) 


+ Or - 

Dubai 

Sia.4O-0.55 

-0.5 

Brent Blend (dated] 

S20.60-0.65 

+ 02 

Brent Blend (Sep) 

520.60-2055 +0.1 

W.T.I (1 pm eat) 

S2t.95-2.00y 

' + 0.10 

OS products 



(NWE prompt delivery per lonng CJF) 

+ Or- 

Premium Gasoline 

5227-230 

+ 2 

Gu OU 

1783-100 

-OS 

Heavy Fuel Oil 

S 88 S 8 

+ t 

Naphtha 

5187-199 

-1 

PefrpfcHun Argua Estimates. 


Other 


+ or - 

Gold (per troy ozHt 

$357.45 

-uo 

Silver (per troy 02 )+ 95 

396.0C 

-4. DO 

Platinum (per troy wt) 

5380.35 

-3.05 

Polled turn (per rroy 02 ) 

598.25 

-1 60 

Copper (US Producer) 

119.7c 

+ 0.1 

Lead (US Producer) 

38.9c 


Tin (Kuala Lumpur mantel) i7.30r 

+0.05 

Tin (New Yortil 

327.Sc 

+ao 

Zinc (US Prime Western) 

62 . 0 c 


Cattle (live welgntt 

11159 

+0.7T 

Sheep (live weight)!# 

75.13P 

■2 sxr 

Pigs (five weigMJf 

623Tp 

-162* 

London daily sugar (raw) 

S272.0W 


London dally sugar (white) £299.Dw 

-OS 

Tate and Ljrie e«pon price £25800 


Barley (English feed) 

E11000W 


Maize (US No. 3 yellow) 

El 30.0 


Wheal (US Da* Northern) 

Unq 


Rubber (AugjV 

51-OOP 

-025 

Rubber (Sep)V 

51 -aap 

•025 

Rubber ml RSS No 1 Jul) 

221. Or 


Coconut oil (Philippines# 

$500.01 


Palm Oil iMaLayelonK 

S360.0y 


Capra (Philippines>9 

S34O0 

+ IL5 

Soyabeans (US) 

£134.00 

-4.5 

Codon "A* Index 

es.ioe 


Wad tops (Ms Super) 

38tp 



E a tonne unless otherwise sutad. p-pence/kg. 
c-cenu/lb. r-rlngglt/kg.I-Sop/Oct w-Jul/Aug 
y-Seo z-Aug.. tMeat Commission average lets- 
rack prices.’ change (ram a weak ago Vuxxlcn 
physical. 6CJF Rotterdam. # Bullion market 
dose. m-Malayalan oants/kg.#5heep prices are 
now live weight prices. HCorrecOcn lor 10/7/32 
384 0c 


SUGAR 

- London POX 

($ per tonne) 

Hew 

Close 

Previous 

Mgh/Lew 

Aug 

242.00 

241.60 

240.00 0 

Oct 

222.00 

222.0Q 

221.40 

Dec 

2064)0 

209.00 

203-00 

Mer 

211.60 

211.40 

211.60 

Witte 

Close 

Previous 

High/Low 

Oct 

274.70 

273.10 

274.80 272X10 

Dec 

26BJO 

26820 

S 68 .S 0 sea .00 

Mar 

274.00 

272.50 

274.00 

Tumoven Raw 116 (104) lota of GO tonnes. 

While 428 (234) Parts- White OTr per tonne): Oct 

1405.41 Dec 139129 


CftUDN 

OIL - IPN 

S/bsnel 

Latest Previous High/Low 


20 .es 

20.60 

20.83 20.54 

Oct 

20J4 

20.53 

20.74 £0.49 

Nov 

2060 

20.43 

2050 30-42 

Dee 

20.45 

20.31 

20.48 20.29 

Jon 

20.15 

20 30 

20.16 


2015 

20M 

20L20 20.15 

Mar 

19.96 

19-93 

1900 1950 

IPS Index 20.54 

20-35 

2054 



Close 

Previous 

High/Low 

Jul 

735 

749 

738 

Sep 

753 

770 

785 752 

Nov 

767 

782 

779 767 

Jen 

785 

790 

792 785 

Mar 

799 

SIS 

810 798 

May 

818 

826 

824 


Tumovenl666 02951 lota of 3 tonnes 
ICO indicator prtces (US cents per pound] lor 
Juf 24: Comp, dally 49.75 {50.031 13 day average 
49.33 {49.14) 


POTATO** - London POX 


C/tonne 


Close Previous High/Low 


Apr 


6A.5 


6SJ2 


68a 08.5 


Turnover 43 (HI) lots of 20 tonnes. 


SOVAMIAL - London FOX 


E/tonno 


Close Previous High/low 


Oct 11880 120.00 11880 


Turnover 23 (10) lots of 30 tonnes. 


WWOHT - London POX 


SMOT/Wex po/nt 


Close Previous High/Low 


Turnover 31866 (22228) 


QAS (ML - UNE 


S/tonne 


Latest 

Previous 

hSgh/Low 


19025 

168.50 

191.50 I88XX7 

Sep 

191.76 

1904® 

193.00 189.73 

Oct 

194.00 

192.75 

165.75 192.00 

Nov 

195.73 

194.73 

187.50 194.00 

Dec 

197.00 

185.75 

moo 195.60 

Jan 

195 75 

1B425 

19050 134.25 

Feb 

190XD 

189.79 

192-00 191.00 

Mu 

197X0 

186.00 

187.75 167X10 


Turnover 12514 (9408) lots of 100 tonnes 


Cummlnaeed, very firm due to disappointing 
Crop In Turkey. Indian eunirseed offered at 
usd 3600 per flM. elf Europe, Recant drop of 
US dollar makes nutmegs end mow mere 
attractive In local currencies. Indonesian 
cassia firmer because of short covering for 
July and August shipment. Pimento. Mexico 
slowly adoring Aug/sep shipment usd 1650. 
later positions discounted. Ginger, cochin 
Bmwr »rumours about smaller new 
crop in Dec/Jan and Jan/Feb, quoting usd 
1200 df. Spot discounted usd 1150. CWIHas. 
due to poHdeal problems some West African 
countries era not able to export small red 
chimes. Quoted at usd 3200/n*._ 


Jul 

1063 

1085 

1090 1080 

Aug 

fita 

1110 

1112 1105 

Oet 

1220 

1230 

1226 1220 

BH 

1074 

T068 

1074 

Turnover 288 (530) 

QRADU 

i - London FOX 

Ertonne 

Whot* 

Close 

Previous 

High/Low 

Sep 

112.16 

. 

112 . 1 s naoo 

Nov 

11S-4S 

113.35 

11X46 HE. 15 

Jan 

119.10 

110-95 

119.10 119XX) 

Mar 

12225 

_ 

12225 121.75 

May 

12x00 

- 

125.00 12S .00 

Barley 

Close 

Previous 

HJgtl/LOW 

Sep 

11023 

11020 

11040 11026 

Nov 

113J0 

11X80 

11320 11380 

Mar 

119 75 

- 

119.75 119.73 


Turnover. Wheat 167 (153), Barley 55 (56). 
Turnover tots oi 100 Tannaa. 


Ptcs - London FOX (Cash Settlement) pftg 
Close Previous High/Low 


Aug 


1080 106.0 


105.0 


Turnover! (90) lots of 3JB0 kg 


Ertorme LOW DOW METAL xxcmmo* 


(Prices supplied by Amalgamated Metal Trading) CRUDE OH. (UghQ 42000 US galls Vbanel 


Turnover 5432 ISBZ3) lots of 10 tonnes 
ICCO Indicator prices (SDRs per tonne). Defly 
price lor Jul 33 767.16 (744.85) 10 day average 
for Jul 24 757.10 (75817) 



Close 

Previous 

Hlgh/Low 

AM Official 

Kerb dose 

Open Interest 

Afumfcitan, SB2% purity (5 per tonne) 



Total dally turnover 41,976 lots 

Cash 

3 niontfa 

1337-8 

1360-05 

1325J5-6J 

1349-50 

1366/1351 

1336-7 

1380-1 

1363-35 

172,846 tots 

Capper, Grade A (£ per torme) . 



Total dally turnover 19,796 lots 

Cash 

3 months 

1340-1 

1381-2 

1342-3 

1381^-3-0 

1340/1333 

1382/1340 

13325-3 

1392-25 

1361-2 

137564 lots 

Lead (2 per tonne) 




Total dally turnover 5.507 lots 

Cosh 

3 months 

341.5-Z5 
352.S3.0 

343-XS 

355-5J 

366/350 

3395-405 

350-1 

349-50 

27,051 lots 

NJcfcel (S per toofie) 




Total daily turnover 2.711 ktta 

Cash 

3 months 

7555-63 

7620-5 

7595-605 

7660-5 

7665/7610 

7565-70 

7830-2 

7610-20 

24785 lots 

Tin (5 per tonne) 




Total dally turnover 1.653 lots 

Cash 

3 months 

7010-20 

7040-5 

7115-25 

7146-50 

7100/7030 

7000-10 

7080-10 

7060-60 

12X128 IOCS 

Zinc, Special High Grade (S per tonne) 



Total dally turnover 11538 lots 

Cash 

3 months 

1340-1 

1356-6 

1349-50 

I363J-4J 

1332/1332 

(364/1343 

1331-15 

13475-8.0 

1389444 

72403 tots 

LME Ctoetag E/S rate: 
SPOT: 12000 

3 months: 1.8603 

6 months: 14400 

9 months: 14134 



Latest 

Previous 

Hlgh/Low 


Sep 

22.06 

2148 

22.17 . 

2145 . 

Oct 

2157 

2145 

22.04 

21.77 

Nov 

2146 

21.74 

2142 

2146 

Dec 

21.78 

21.63 

2140 

2144 

Jan 

2141 

21.49 

2144" 

2156 

Feb 

2148 

2155 

21-46 

2156 

Mar 

2141 

2140 

2150 

2152 

Apr 

21.10 

21X70 

21.16 

21.07 

May 

21.04 

2054 

21JM 

2095 

Jun 

2049 

3042 


2048 


Chicago 


HEATMQ 08 42,000 US galls, cants/U3 gafis 


LONDON BULLION MARKST 

(Prices supplied by N M Rothschild) 

Odd (trey oz) 


S price 

£ equivalent 

Ctosa 3575055740 


Opening 358.10358.40 


Morning fix 35740 

187.106 

Afternoon fix 357.60 

187405 


New York 


GOLD TOO troy OZ4 S/troy 02. 


Day's high 3586848890 
Days low 39870457.00 


Loco Ldn Maan GoM Landing Rates (Vs US3) 


1 month 

2.87 

6 months 

2.73 

2 month* 

246 

12 months 


3 month* 

2 £0 




SHver fa 

p/troy oz 


US cts equhr 

Spot 

206.10 


388.00 


3 months 

21140 


40440 


6 months 

21846 


404.70 


12 months 

22950 


413.15 


OOLD COINS 


S price 


£ equivalent 

Krugerrand 

3S7555S85S 

188.00-18840 

bSapts leaf 

36755-37050 

_ 


N*w Sovereign 860048.00 

4440-4650 

THADBD OPTIONS 

AtamMun (90.7%) Calls 


PuM 

Strike pries 5 tonne Sep 

Dec 

Sep 

Dec 

1300 

62 

94 

8 

20 

1350 

30 

62 

26 

38 

MOO 

11 

» 

57 

63 

Copper (Grade A) Colls 


Puts 

2990 

58 

74 

45 

so 

2600 

34 

55 

73 

129 

2660 

19 

39 

107 

182 

Coffee 

Sep 

Nov 

Sep 

Nov 

600 

104 

168 

1 

1 

650 

58 

122 

S 

5 

700 

29 

82 

22. 

IS 

Cocos 

Sep 

Dee 

Sep 

Dec 

550 

63 

S3 

1 

4 

575 

41 

72 

4 

a 

600 

24 

53 

12 

14 

Brant Crude 

Sep 

Oa 

Sep 

oa 

2000 

80 

MO 

15 

33 

2060 

65 

67 

32 

52 

2100 

21 

37 


81 



Close 

Previous 

WfiWLow 


Jut 

3685 

3664 

0 

0 

Aug 

3985 

35B4 

3504 

3564 

Stop 

3605 

358.7 

0 

0 

Oct 

3615 

360.7 

3614 

330.0 

□ec 

3635 

3624 

3634 

360.4 

Fob 

365.1 

3644 

385.4 

3824 


3664 

3865 

3665 

366.0 

Jun 

3684 

3865 

a 

0 

Aug 

3704 

3704 

3895 

3694 


PLATINUM 50 troy oz; Snroy or. 



Close 

Previous 

Hlgh/Low 


Jul 

3864 

3644 

0 

0 

Oct 

mi 

3824 

3834 

3774 

Jan 

3804 

380X1 

3804 

3764 . 

Apr 

380.6 

mo 

3794 

3774 

Jul 

381.6 

3814 

0 

0 


Wtven &000 tray er; eemsArey «, 



Latest 

Previous 

Hlgh/Low 


Aug 

62S6 

6189 

6260 

Bias 

Sep 

6300 

6233 

6330 

8240 

Oct 

637S 

8323 

6415 

6330 

Nov 

6400 

6403 

6470 

'8410 

Dec 

8530 

6475 

6550 

B485 

Jon 

6840 

6487 

8355 

6510 

Feb 

6430 

8375 

5430 

6380 

Mar 

8 

s 

6125 

8180- 

6150 

Apr 

5830 

5695 

5«J0 

5800 

May 

5720 

5725 

5735 

5730 

COCOA 10 tonnesd/utmea 

, - «■ 



Close 

Previous 

Hlgh/Low 


Cep 

1023 

885 

1026 

907 

Dec 

1001 

1044 

1064 

1068 

Mir 

1130 

1093 

1130 

1106 

May 

1159 

1122 

1160 

1147 

Jul 

1189 

1148 

1160 

1160 

Sep 

1219 

1178 

0 

0 

Dec 

1254 

1211 

0 


Mar 

1292 

1250 

0 

0 

May 

1320 

1278 

0 

0 

COfKfi “C" 374009a: centi/ibs 



Close 

Previous 

regft/Low 


Sep 

60-10 

8046 

60.75 


Dec 

62.45 

63.15 

6240 

62.10 

Mar 

6440 

6548 

ffi¥5n 


May 

6840 . 

6940 

6940 

69.00 

JUl 

71.10 

71.85 

0 

0 

Sep 

73.16 

7340 

0 


Dec 

76.10 

7850 

0 

0 


soyabeans 5400 bu min: centsf60tt> bushel 


Ck>«« 

Previous 

Hlgh/Low 


.Aug 

553/2 

553/4 

555/4 

551/6 

Sep 

553/2 

553/6 

555/2 

552m 

Nov 

555/2 

557/2 

657/4 

554/8 

Jan 

562/4 

564/0 

564/6 

582/2 

Mar 

570/6 

573/2 

snm 

570/0 

May 

577/2 

578/8 

sum 

577/0 

Jul 

581/2 

583/4 

584ft] 

581/0 

Aug 

581/4 

582/0 

584/0 

581/4 

Nov 

578/6 

501/0 

581/0 

578/4 

SOYABEAN OH. 60400 lbs; centafib 


Close 

Previous 

Hlgh/Low 


Aug 

18J1 

1647 

1848 

18.70 

Sep 

1847 

19.02 

19.03 

1888 

Oct 

1946 

19.18 

10.20 


Dec 

1948 

19.46 

1148 

1943 


1941 

1942 

10.60 

1940 


1940 

W.93 

19.93 


14ay 

20.09 

20.10 

20.19 

20.06 


2040 

2048 

2041 

2040 


SOYABEAN MEAL 100 tons; Won 



Close 

Previous 

Hlgh/Low 


Aug 

1724 

1725 

1724 


Sep 

T73.1 

173^ 

1744 



189.1 

190.7 

1808 



18B.1 

?acL8 

raoo 



186.0 

188.4 

189.0 



1874 

1694 

1894 


May 

1864 

1884 

1884 



1684 

189.1 

1894 

I860 


Ctoee Previous Hlgh/L ow 

220/8 


Sep 

221/0 

223/4 

223/2 

Dec 

225/4 

227/8 

227/4 


234ft] 

236/4 


May 

239/2 

242ft] 



243/2 

346/2 

245/6 


243/0 

245/2 



243ft) 

345/2 

346/4 


243/0 

243/0 

243/0 


COTTON 50,000; cents/lbe ■ 



Otne 

Previous 

Hlgh/UJw 


Jul 

386.6 

-396X1 

0 

0 

Aug. 

3974 

396.7 

0 

0 

Sep 

3964 

397.7 

3884 

3954 

-Dec 

402.4 

4014 

4034 

3894 - 

Jan 

4034 

403-3 

0 

0 

Mer 

408-8 

4002 

4064 

*044 

Mey 

409.7 

408-1 

409X1 

406.0 - 

Jul 

4124 

*114 

4114 

411.0 

Sop 

41&4 

4144 

a 

0 

Dec 

4204 

419 A 

4194 

4104 

HtOH QUADS COPPIR 25400 Ibx conts/ttn 


Closa 

Previous 

Hlgh/Low 


M 

11545 

115.40 

11540 

11420 

Aug 

11540 

118.45 

11640 

11420 

Sep 

11540 

11640 

11540 

11340 

Oa 

11445 

11&00 

0 

0 

Nov 

114.65 

114.75 

0 

a 

Dec 

11440 

tM45 

11540 

11330 

Jan 

11448 

114.00 

0 

0 

Fib 

T13-60 

11340 . 

0 

0 

Mar 

113.10 

11246 

11340 

11220 

Apr 

11240 

11225 

0 

0 

SUOAII WORLD 11" ltZ.000 lb* omtaftbs 


Close 

Previous 

High/Low 


oa 

042 

9JH 

945 

942 

Mer 

457 

0.55 

948 

9.48 

May 

441. 

048 

AST 

945 

Jul 

947 

94* 

0 M 

9.40 

0a 

945 

042 

035 

94$ 



Close 

Previous 

Hlgh/Low 

oa 

6246 

8346 

8346 

Dee 

61.60 

62.16 

8235 

Mar 

6245 

8323 

8330 

May 

83.10 ' 

.6326 

64.10 

Jul 

63.60 

6*40 

6445 

Oet 

5340 

6341 . 

0. - 

Dec 

6330 

sua 

6341 




Close 

Previous 

Hlgh/Low 


Sep 

Oec 

Mar 

way 

Jul 

330/2 

3*5/2 

348/2 

3*0/0 

328/0 

33 m 

348/6 

360/4 

34t/0 

324/2 

337/S 

346/6 

350/4 

344/2 

326/0 

334/0 

343/0 

3*7/5 

3*0/0 

334ft) 


OHAHOg JUICE 18000 lbs; osnta/lba 
Close Previous Hgtvtow 


Sep 

Nov 

Jan 

Mar- 

May 

M 

Sep 

Nov 


11845 
11248 
11148 
•111.70 
111.70 
111O0 
11120 
'111 JO 


1T860 

11820 

111.25 

mao 

11800 

111.68 

111,56 

hub 


-- 

Ctosa 

Prevloui 

Hlgh/Low 


Aog 

Oct 

Dac 

Feb 

Apr 

Jun 

Aug 

72225 

72J00 

71.173 

70460 

71-725 

88400 

87400 

73.173 

72.700 

71200 

7047S 

71400 

88480 

67450 

73200 

72.775 

71.450 

70425 

71400 

692G0 

88X175 

72450 

72560 

71.160 

70425 

71.000" 

68200 

67400 


11865 

112.46 

17100 

.11120 

11228 

0 

0 

mao 


11860 

11200 

111.10 

mao 

11200 

O 

0 

mao 



HH/TBtS (Base; September »Igfr » hjqj 

_' -1* ^04 Jul 23 • mnth ago w a q p 

— 1870.1 15782 15670 itou' 


DOW JONES (Base: Dec. 311974 . 


Jul23 Juf 22 

- ... * 

Spot - ,11727 -118.06 
Futures 11844.11949 

•11940 

11847 

12249 

12252 


Foo 41425 
Apr • 38900 
■J" 48400 

** 485oo 


<8890 45550 

^£25 48700 

aLT7B 
4QD2S 404100 

<1-078 <1250 

38835 39060 

<8336 48500 

<M°0 <8500 


<ojoQ Bee ewanb 
. Prw>l « HWLow 


Ctoaa 
•tol 33JS50 

5? 38250 

38478 
«y 38700 
**. 38700 

Aug 38250 


aoooo a 

mm2 39-200 31 

2H® »7SI S 

3a70 ° a 

*200 3&7DO fl 

88*80 38250 X 



ITCSfANGIAtTlMES WEEKEND, JtULY/ 23 /JULY 26 1992 


H33 


ckif 


\*l£ 



MONEY AND CAPITAL MARKETS 


MONEY MARKET FUNDS 


FOREIGN EXCHANGES 


Dollar again testing DM1.50 


FINANCIAL FUTURES AND OPTIONS 


THE DOLLAR, rose over a 
pfennig against the D-Mark 
yesterday, buoyed by stronger 
than expected US durable 
goods figures .and signs that 
German inflation is falling, 
unites James Blitz . 

; The US currency . was 
boosted by data showing thaf 
new durable goods orders bad 
risen 2Z per cent in June after 
a revised &I1 of Z2 per cent in 
May. Some analysts said that 
this underscored suggestions 
that the economy was no lon¬ 
ger in danger of a double dip 
recession, while others remain 
sceptical about whether this 
alters the depressing outlook 
for the US economy at alL 
However, the bulls clearly had 
the better of the argument yes¬ 
terday as the dollar closed over 
l’A pfennigs- higher at 
DM1.4995. 

The dollar is. looking much 
more comfortable this weekend 
than it was five days ago. Mon¬ 
day's central bank intervention 
was highly successful, turning 
the market, around at a 


C IN NEW YORK 


moment when many dealers 
were short of the tJS currency. 
There are also signs that Ger¬ 
man -inflation data for July, 
due out next week,' will be 
lower than expected. Several 
German states .'reported low 
inflation figures yesterday and 
the market believes that the 
July .number will be' down 1 
per cent to an annualised rate 
of £3 per cent 
Nobody is too hopeful that 
these factors will scotch 
another Lombard rate rise. Mr 
Theo Waigel, the German 
finance minister, said yester¬ 
day that there was a poskbility 
that the Bundesbank would 
“relax policy in the foreseeable 
future,” but the remark was 
later withdrawn by German 
Finance Ministry nffiHaig who 
doubtless found it a little exu¬ 
berant. However, Mr Paul 
CSiertkaw, head of global cur¬ 
rency research at UBS Phillips 
and Drew, was reasonably opti¬ 
mistic about the upside for dol- 
Iar/D-Mark- He said that while 
the US currency may-dip in the 


immediate short term, it could 
soon test DM145 on the upside. 

That will also alleviate ten¬ 
sions in the European Mone¬ 
tary system. Yesterday's dollar 
rise weakened the D-Mark on 
the crosses, and sterling had 
its strongest day of the week, 
closing up 1% pfennigs at 
24500. But dealers say that the 
pound ■ is still intrinsically 
weak, and very much at the 
mercy of dollar trading. If the 
US currency falls back to 
DMl.47 or DML46 in the short 
term, this will put pressure on 
sterling. The Kalian lira would 
also suffer. Like sterling, it 
closed stronger against the 
D-mark yesterday at L757.70 
compared to a previous close of 
L758.6 

The dollar defied apparent 
intervention from the of 
Japan to move higher against 
the yen after another sharp 
drop on the Nikkei stock mar¬ 
ket and more talk of a Japa¬ 
nese interest rate cut. The dol¬ 
lar rose to Y127.65 from a 
previous dose of Y126.60. 


UFFEiowGHJ nmaES tenses 

gBJWHfcrflM* _ 

Suita MwulewpBS hSMBUmns 

*95 <-17 mS 0-17 

96 2-51 3-27 MS 1W7 

97 1-57 2-42 <U1 (M2 

’ « 1-06 .* 1-63 Ml 043 

99 0-34 1-27 042 1-27 

100 0-13 043 1-31 143 

101 0-05 0-42 2-23 2-0 

102 M2 M7 >20 >Z7 

nkm mil Calk US9 Am 0266 

wo wTcam 57106 pause 


UFTEBMUKVnMS 

Mira potato «tlM% _ 

Strike CaUMdUeawa Pns-MtanMs 
Price Sa Dtc S® Dec 

8925- Lit 0 fiOl 

9950 an a95 a 002 

8973 0.47 0.72 a 01 a 04 

9000 0-24 a« 0.03 D.06 

9025 006 0-29 0.10 0.11 

9030 0 U2 QJ5 031 Q2Z 

9075 O01 008 055 0.40 

SUM 0 0.05 0-79 0.62 

SStS^ASSSfSkBS, 


uffz us tkuiry urn fotures omws 

h»fl00% 


LOTT HI— FUTURES BPTOMS 
M2iC,8M pri* sf HW«4 


Strtta 

CHEMmimnu 

PoU-attftratrts 

Stnta 

CaltartUmou 


Prta 

100 

« 

me 

3-34 

0^ 

Ok 

1-06 

PfiM 

8550 

So 

174 

Ott 

244 

oof 

Dk 

101 

2-56 

2-56 

0-14 

1-30 

8600 

L31 

2.00 

OU 


102 

2-04 

2-22 

0-% 

1-58 

6650 

0.87 

159 

0.09 

026 

10J 

123 

1-56 

0-« 

2-Z7 

8700 

050 

1.3 

022 

0.40 

104 

0-53 

1-29 

1-U 

301 

8750 

024 

091 

04« 

058 

US 

0-29 

1-07 

1-51 

3-43 

8800 

010 

066 




D-16 

0-53 

2-38 

4-25 

8850 

QOS 

0 45 



107 

MS 

0-39 

3-JO 

5-11 

5900 

002 

030 

174 

1.47 


LONDON (L 3 FFE) 

1% MTMUL Mtm» GE.T • 
£50108 32»to rf 1J85L _ 


Oose Hljfi Lo* Pm. 

Sep 96-23 96-28 99-15 9003 

Dee . 99-00 98-31 

Eolatad «ian 20584 (ZJ029) 

Proto tag's epn M. 65136 06529 

us TKASuty wets t% • 

3U0AM3ta*ta ldd* _ 

Qost HM Ira* Pro. 

Sep 103-21 1M-C2 103-16 IB-18 

Dec ' 102-14 102-12 

Eoiaateri rokne 1803 01361 
Proto tap's oped M. 3220 03711 


wltaa tom toul. Gills 50 Pm 0 
PKriw tap's opes Iri. Calls 2790 Fee 2209 


ffiF|ii*uiui mvt. mo am nmiKS 
OWMg Uit 286a IDWta N 110% 

Suita Calls-ssiJaneBB Phs-ssUbtobs 
W ee Sep 0s Sep Dec 

9100 2J7 3.26 0*5 07S 

9150 L79 2.88 061 0.90 

9200 1.44 252 0.76 LM 

9250 1.12 2-16 0.94 1.13 

I5J1 0J2 L83 U4 135 

9350 038 133 L40 135 

9400 0 40 1 29 172 LSI 

9430 an UB 2.09 ua 

Eaknwd tone taUL Calk 1737 Pw IS37 
PWto dor's open bn. Calls S«507 Puts 32962 


CHICAGO 

liiTKASutYwasesnFT 
cuMMaawif uo% 


Esucuscd ntmr toui Call: 4517 PoiWTl 
Prunes dae'soooi kt Cam 132060 Put 113231 


UFFE SH0PT STOtUMG OFHOUS 
£SM,M0 ** tf2W% 


Suita Cilli-smlramo 
Pitt See Dk 

8900 0 78 1.03 

8925 D55 0 82 

8950 0J5 062 

9975 0.18 045 

9000 0 07 030 

9025 on? 020 

9050 0.02 012 

9075 001 007 

Erii mated k!mk tcul. Calk 
P/Tikes tgy'i cam ml Calk 


Pots-srttimcsB 
Stp Dtc 

0.03 0 05 

DOS 0 09 

Q.1Q 014 

018 022 

032 032 

0-53 0.47 

h 77 Db4 

101 084 

3315 Pub 2755 

100611 Puts 91645 


Latest Htak Low 
103-23 10*5 103-13 
102-16 1Q2-2D 102-07 
101-U 101-19 101-04 
100-02 10006 100-01 
99-00 9904 99-00 


0J.TKASJIY BBXS (UIO 
Sim paiab if IMS, 


EXCHANGE CROSS RATES _ 

M Y« F ft. S Fr. M Ft Ufa CS B Fr. Ptt. Ecu 


FORWARD RATES 
AGAINST STERLING 




Yen per WOO; Fito* Fr. per lH Lira per 1.000: Briglro Fr. 0*100: Peseta per 100. 


Sep 
Dec 

Uar 

Jw 8653 8655 

Estimated iota* 3120 £55Z7) 

Prertt* day's open W. 21564 CU13S 
F7-S£ ih a*ex • 

£25 m « tataa ptait _ 

□me HWi Low 
Sep 2384.0 2419.0 2366.0 

Dec 2429.0 2444.0 240.0 

Hr 2462.0 

Eototed votoe 9822 <88711 
Prertaa clay's opea M- 44734 143992) 

■ Coatracs traded « APT. Qastag toes sfc 

POUND - DOLLAR 

FTFQEBBI EXPMB6E RATES ' 

5m 1-nak. Jrot 5 -wUl 

L9Q00 L8891 18682 18388 


MONEY MARKETS 

Calm end to week 


A&B&CQjnpair_ 

Allied Inst Banfe_ 

MB Bad_ 

• Hoyt Mater_ 

B&CUnkantBad:— 

Bask of Banda- 

Buco Bilbo Vizcaya ._ 

BaftofCffis_ 

Bart of Mad_ 

Bait of India- 

BaflfcofSoUaad- 

Banwe Beige Ltd- 

BatJays tart- 

BdtBkof Bid East..._. 

• Brow&iplfy- 

CLBartNefotaad_ 

OtitaitBA_ 

OtyHstiantsBafit.^ 

CJydetfaltBak- 

QHperatiffBait- 

Coats 4 Co- 


FT LONDON INTERBANK FIXING 


10 Craft Lyras- 

10 CypfBtopEtazBt- 

10 Dao Hog Bart Pic.— 

ID DacaiLanu_ 

1£L5 Equtorial Bart pic_ 

10 Exdtf Bank Limited_ 

10 Finandal&to.Baik._ 

10 •BAertFlantaiCo..-. 
ID Rrtet Fraser 4 Plan „ 

ID Girobank_ 

10 tGiimeBMain_ 

ID Hats* Bas* AGZorictr_ 

10 eHJBtnsBaRk__ 

10 HaroiskireTnstPic_ 

10 HerTtebie&GeflftwBDlc. 

10 IHillSanoel_ 

10 C-HoareSCfl_ 

10 Hongkong&Stangfaai._ 

10 Julias Hodge Bank_ 

10 • Leopold Soa _ 

10 UoyfiBuk_ 

Mt^raj Bank Lid- 


10 UcDoncril Dougl25 Bn(r. 10 

10 Midland Bant_ 10 

11 Uoool Banking- 10 

10 NatWeajnuSff- 10 

10 Nalhsn Bart Ltd_ 10 

lOi Bytaedil Mortgage Bart 105 

10 Proriocial BankPLC ... 14 

10 §ReaBr«b5B._-10 

105 RlslsralK Back Ltd. II 

10 RgjallSirofSaiUand..... 10 

10 • Smith SWillnaSeo.. 10 

10 Standard CtarterHl...... 10 

10 TSB_ 10 

13.5 IftifaaBkolc.__ 10 

10 • United KofKmaH .... 10 

10 Umy Trust Bank Pic . 10 

10 Western Trust-- 10 

10 WJiheaiOTlaidia*.... 10 

10 YortaNre aside_ 10 

10 • Members of British Merctam 
10 Banking & Securities Hoises 
10 AssodauofL 


Calm returned to b oth, the 
sterling cash and..futures mar¬ 
kets yesterday after the pound 
consolidated its position on the 
foreign : exchanges and the 
Bank of England was accomo¬ 
dating with a large shortage. 

After a turbulent week in the 
cash markets, dominated by 
fears of an Imminent rise in 
Germany's Lombard rate, 
money market operators had a. 
relaxed day. Several of the Ger¬ 
man states released sharply 
reduced inflation figures, sug¬ 
gesting that next week’s Ger¬ 
man cost-of-livfng figure for 
July will be down 1 per cent to 
3.3 per cent That eased fears of 
an interest rate increase when 
the Bundesbank'council meets 
o n 


UK daariog bank base Mbg rata 
10 per cent 

' bum Hey 5 , 1992 


August 6. 

.Sterling also firmed on the 
foreign exchanges, rising over 
1% pfennigs. ..The Bank of 
England added to the cheer by 
being very accomodating in its 
money market .intervention, 
forecasting a shortage . of 
£1^5bn but inviting offers in 
the early round and haying 
most of the shortage taken out 
at that stage. 

Period rates in. the cash 
market, if not bullish, were at 


least a bit softer. At the end of 
the day, 1 month, money was 
offored % per cent cheaper 
from its previous dose, at 10 ft 
per cent Three-month money 
was A per cent softer at 10ft 
per cent. There was also a 
slight softening at the long end 
erf the yidd curve, with 1 -year 
money dropping back to 1016 
.per cent from. 10% per cent the 
night before. 

Futures trading was easier. 
The September contract closed 
up -4 basis points from its 
previous finish at 89.76. 
However,, this was far from 
bullish,-bearing in mind that 
the September contract has 
been tip at 90.25 since base 
rates dropped to 10 per cent 

Both the futures and cash 
rates are still pricing in a % 
per cent rise in base rate, and 
the mood in the market 
remains fan«L But the feeling 
is widespread that sterling 
may have a respite for the next 
.few weeks. 

In early operations, the Bank 
purchased £136m of Band l 
treas ur y hills, £423m of Band 1 

bank bills and £344m of Band 2 

bank bills at 9% per cent, and 
'£4QQm in a repo repayable on 
11 and 12 August at 9H per 
cent The shortage was later 
revised to £l.5bn. In the 
afternoon, the Bank purchased 
£30m of Band 1 bank bills at 
9% per cent and provided late 
assistance of £fi0m. 


moo «a Mr 20 

3 mdfts U5 (SdUrt 

6 nMkt US DolUn 

STI5 f 

dfto 34 

aw 3^ | offer 3s, 


BANK RETURN 


BANKING DEPARTMENT 


Ml —a wibi■ **** * 


MONEY RATES 


LIABILITIES 

Capital_ 

Public Deposits--- 

Banker* Deposits_ 

Reserve and other Accounts-- 


NEW YORK 


Lunchtime t!c«S3i— 1 

Prime rK*———-6 Tkwncc&_., 

Broker tat rate_ 6 StamcaUi- 

FeLfraK-34 Osejor- 

FedJflntaatWene«kn_ TSsymr- 


Treasury Bills and Bonds 


_ 3.U Ttaeejear- 

_ 337 Fhejear-— 

_ 3.24 Soajear-... 

_ 336 10-jear- 

__ 338 XFfear- 

_423- 


-4A8 

-5i6 

-L21 

-6J4 

-738 


Otamtf* 

Om 

Moth 

T« 

Mortis 

Ttate 

Montis 

Ss 

Moota 

9.(60.75 

9.7MJ0 

WP 

9.70460 

104*104 

9.70-960 

UH.-10J| 

>vig 

9.70400 

10^-10% 

m. 

17^ 

. 

164^4 


104-10V 

lOi-lOJ 

10 >*-10 \ 

lOL-lft 

10^-UU, 


_ LONDON MONEY RATES 

Jb1 24 0*emW or®? Htacrth MmSs MmUm Yew 

SStokBaT.® Si jot 18f 

Sfa: « « *2? Si Si 

io fa = E = : 

Fl^wHoScwijjltJ . - - 1^8 lt}1 4 10A 

rm Trade Biib(Bqf).. - - - 

Del Is-CDs................ - - 359 3.25 3J2 3J3 

SDR Lin tad Dep. Offer. - - 64 64 64. 6A 

SOR United Deo. Bid... - - 64 64 bh 64 

HMag-l = j_J a 1 w la as 

Treasury BillsfcellJ: ooe-mooth9JS percent; three moatalh percent; Krteet; 


ASSETS 

Government Securities- 

Advance end other Accounts —_ 
P r am le s s Equipment A other Sees . 


ISSUE DEPARTMENT 
LIABILITIES 

Notea in circulation- 

Notes In Banking Department. 


ASSETS 

Govern morn Debt- 

Other Government Securities . 
Other Securities--- 


Wednesday 
July 22. 1992 

C 

14,553,000 

83.764,673 

1^36n<3S31 

3,858^85.983 

5.292447,567 


1419,506.175 

2.195,006,049 

1^87.136.603 

10.B09J37 

189.403 

5^92,647.537~ 


16J69,190^63 
10.809,337 


16.290,000.000 


11.015.100 

8^35.064.7M 

7.733330.110 

16J260.000.000 


Increase or 
decrease tor week 


14,635,882 

52.909.103 

62.971.050 


182.680,000 

256.763.738 

432.301.549 

2,572.147 

3.693 


97.427.863 

2.572.147 


- 1JJ14.9t4.700 

+ 1,114.914.700 


v Currency Fax - FREE 2 week trial 

a;k Anno V.'hilby 
Tel 071-73J 7174 
Fci. 071-43? 49£-6 

o > ir.'-l ?-A vr rec 


! AnclyiiS LIj 

Street. I erden WIFI 7HD. UK - 
rule specKj.':s:5 for over 15 years 


Itmailttlli: U.co px. itcrera** rare rer in Ml mar m, w 

IV&V: 104138 p.e. Local Autnoritt sod nita«t Hems swat days' note, oww **»» days' 
fixed. Finance Mom Base RaU 10^ from Jtriy 1.1992: Ban k Dcpm lt toitasfar wro at mi 
6XK notice 4 per cent, certificates of T« Oepoatt iSarles 61: tJnrosh £100,000 «dw held 
ImSrooe month 6»* pmcceConc-tliiecciH^9 ptrc ^lh m^X P*r yi:tf«-piM 

months 8^ per cut: nlne-U*** months 0^ pw eta!; Uader £100,000 7 per cent Irani Uay 6, 
1992, O^aUts wtihdmra far cash 5 per sent. 


TAX-I RFJ' SPFCl r VIlON 
. INH TI RFS 


Ta chainyrarttaeCtadeto bowywHesachl Hnnamar t tanbdp 
y oa.4JW»rtlta«sworhBjertta«aBBTMai Tro or snte 
inSnaew tevelGfariecR^PJIGHtaanrGiafcai.LeadoaSVjWGBDL 


Money Market 
Trust Funds 


CAF Money Management Cfl Ltd 

46 Prmturr toad TonferiawnN2JD . 0737770114 
UcuiDnMnrsta.hAl - ■JScDlftJt 

Daeuu0wtlnm« 4.71 - lOUPUiK 

Dmk>0nwf2n4lllM..|4 81 -I l017BUu> 

The COIF Charities Deposit Aminat 
2 FortSintl. LondM EC2VM0 OU-Sea 1615 

Drain. low I 4 <>sTj-Utb 


Drain. IVW I 1WHIB 

Cent. 8d. of Fin. at Church af England!? 

2 FmSum. LMflau EC7Y ¥>Q 0714H J6D 

taM. toti -I IO.OOTmju 

Bartaore Manej Uanagemesrt Ltd 
lb-18 llawMSt LMdM£C!R80Q 071-236 1«2S 
tE5S« EXsk 0712369342 

CUIFM . 4-21 b«0 932 bkll 

74a* Fans 4Jb 7 02 V S? b-wu 

SoKUirm 9.24 7 U 4.91 1 -B 01 

tMUr . 207 135 2OS 

TESSA PnIM. - 4 00 - 931 HM 

TESSA PIK. . - a 76 - 905 3-Mu 

TESSAS*** .. B52 880 J-Mu> 


Couth &Ca 

W?rW*Sa#"WC»Ot» 071-7531000 

VWOOO** r " 1 '*" rn 18 12S 6 09( 8 38| OU 

g 0 ^^- l?S? 1 ?sl % 

Bill Oir 

mWBSUh-\0k 5 ^l Vk I £ 

CnttlCnawltaAcn4bi<Un4swMta 

27 Bus Law LarooaLCAitOAA 0714233434 

flKnaro°uifiir«u to J -1 -I 

Dao Hang Bank PIX Premier Aecwrat 
86 Nnuun Sum, W1P 3LD 071-631 >« J 

L25OW.I0.BW IB SO 6373 6 77 Or 

Ua.OOl.aO.DOO B.75 t»S625 9 04 Qv 

£20.000* 19500 7 IS I »»l 9r 

Dartiogton & Co Ltd Investment HIC* _ 
70PiincrS(.Bnuol8S1400 0777217706 

LSO OOO-tlm H4 00 6 73t 4J1| ny 

C25J0W4" 999... 873 6 5b 9 04 Oir 

£5.000-124.444 .. law 6J7l 8 78l Oir 

FIMItY Mnwyraarket Reserve Account 
nanh, Pontche Stntco ltd. OaUill Haase 
aorrab Km TKU 4DZ 
T3i 6 3751 8 77 

> 4 0 fa.75 431 

14 14 625 7 221 4481 


Money Market 
Bank Accounts 

4m 

Gross lift CM In Cf 
AIB Bank High Interest Cheoae Account 


U-E44 444 . . T85 4J75f 8 77 Oy 

C50 000-049 4 0 6.75 931 

(250.000-t44ll.949 19 625 7 221 4 481 Qu 

C500 000-Mum i*w*«i Rais a* n»>ca 

Garbngre Monty ManuEment Ltd 
U*-l&UwusMASLlnmEC»eaa .071-2361425 


BeliaMN. UrtrtagrUB8ISA . 08002B2U5 

f2JCO-t4 949 . .J7J0 5 47 7 X [ Otr 

UO.000* . . In.36 627i 86251 Qu 

Aitkin Hume Bank pic 

30 Cn« Rud. ECU' 2AY. .0714386070 

TluoqrACC . BSD 6375 8 77 otr 

(UMCaaOMim—>8 50 6J75 8 84 MU 

USBaj£}OOM4*sirr}4 DO 675 438 MU 

Uuaca 150.000* .1930 7 1251 942 MU) 

Allied Trust Bank Lid 
97-191 Canos St. Laadoii EC4NSAD 071-6260879 
TREUN»t£2 001*1 |I0 91 8 IB 10 9! York 

TOMKA l£2 001*< 10 J6 7 77 1036 Yrurt, 

0M6A H2.001H 10 03 7 52 10 03 YNTt* 

HICA 1(2001 *1 B50 6 38 8 84 mui 

PremwTESSA . 1(268 4 511 1268 VnO? 

American Express Bank Lid 

SonaHMM BurteaHIII 
WelSutn RH154AW 0444 23244* 

Kk^ PcrfMaaci Okm innt 


lAFAKES TEN OHM} 

T12Jra JperYlOO 

C5S Hi3 GS ReT 

Sep 0 7B26 0.7891 0 7813 0.7874 

Ok 0 7814 07822 0.7805 0.7B&2 

Mar ... 0 7862 


BEU75CHE UAJIX QUO 
MU253M S PM BH 


Latest MifD uu PST 
0.6624 06691 04614 0.6675 
0 6520 0.6578 0 6520 0 6573 
06440 0.6«55 06440 0 6461 
- 06400 



C500-1494_ 

LI 000-14 999... 
E5 DOO-L9 949 . 
LiO DQ0-£24.949 
(2S.D00-144 494 
LSO D00-C99.949 
U00.000* -- 


2.44 3 30 MU 
6 00 ild Ui> 
6 15 8 52 Mu 

6 38 0 84 MU 

6 53 4 06 Mu 

6 75 438 MU 

6 90 4 60 MU 


Bank af Inland High Interest Cfceqae Act 
36-40 St. SAW* SU 1EL . 0753 516516 

UOOOO* . . .1823 6188 B 504 Qtr 

£2.000-49.944. .. . 18 00 6 001 8 2431 Dir 

Bank af Scotland 

38Ttna4MMUSL LC2P2EH ,0714016446 

uuoatelUtadhTTst>5 644 4 oof MU 

(25000* laBB 6 651 9251 MU 


38Tlra«M<igiSLECP2CH ,0714016446 

BIBaJuIUPHSmTIs 65 6 44 4 DO f MU 

(25000* IS B8 6 651 4251 MU 

Barclays Select 

POBMlZO. W«s1«048l P(. torair, 0800 400100 
£2.000-14 444.. . IbOO 6001 8 00 Yf*tj 

ao.000^24.444 4QO 6 75 9 00 Vul, 

L25.000-£«4.444 1935 644 9 25 yun> 

£50.000* ... 19 75 ?3ll 9 75l V«rtr 

Barclays Prime Account KJXJL 
POBa* 125.KaruumptM , 0604252891 

tl.DOO-t2.444.. 774 SO 4 88 6 66| Ur 

C2 SOO-£9 444. . . 17 00 5 25 7 14 0)r 

UO.OOO-E24 444.. 17 75 5Bll 7 48 Otr 

£25.000* 18 25 6 191 8 511 Otr 

ferr endnnirt Bjn* PLC we Du- Hug BM PLC 
Brown Shipley & Co Ltd 
FousdcrtCwtl. lothburr. Lonoon EC2 . 071-6064633 

HICA. . . .718.50 6381 8 JlT Oir 

ProfOouMAlL 1850 6 381 8 71 f Olr 

Caledonian Baak Pic 

8St AadrmSqoaie. EejtourgftEK22PP, 0315568235 
nCA. . . |9S0 71251 -IVur* 

cater Allen Ud 

25 BiKkm In. Lump £C3V 903 . 071-623 2070 

HICA . 77825 419 637) Mlh 

Contut £5.000 m 4 25 6 44 9 65 MU 

TESSA . i960 -I 9921 MU 

Charterhouse Bank Limited 
lPatenmurHpw.EC4U7M. 071-7484000 

(2 5O0-E14.499.. .. 8.75 6 56 411 MU 

£20 000-G49.949 IDO 6 75 43B MU 

£30.000-194 449 4 25 6 44 4 65 Mu 

tJOO.DOd*. . . 430 7 13 4 42 MU 

S6 OdO-549.449 ... 1 75 1 31 176 MU 

SSO.OOO-S49 994 225 L69 227 MW 

S100 QOO-S144.444 250 1 88 253 MU 

S200.000* - . -.1275 206 278 MU 


071-24 14000 
411 MU 
430 MU 
4 65 MU 
4 42 MU 
176 MU 
227 MU 
253 MU 
278 MU 


Stop otntr unmlW4»uiilh6to-tor ran pUw 
Want ezt 2168 
Clydesdale Bank PLC 

30 St Viicui Plan. Glam* G12HL , 041248 7070 
D.OOO-C24 499... |730 5.hi 7 7lf Otr 

£25000-144.499. . 1BZS 6.19 851 Ur 

£100.000* ie 75 6 561 4.041 Qu 

Confederation Bank Limited 
PO Bm 104. Pnneo to Slmsagr , 0438744300 
(£ Dr* 6tu la US MC-_ flD SC 7375 10.7816-MU 

H.l C 6. £25.000*. . 9 75 73125 4 75lVvtr 

lrrF.utkmraOjO.. 4 60 72 9 W Yuriy 

JnRnttoaOOO*. i9 60 7 2 l 4601 Yuriy 

Co-operative Bank 

POB« 300. Stebiwndale Lncs 0800616162 

m . .Jioao -I -I Yhrtf 

iMMaml 9t- 9f Pi? Mulct Sarin . 

130.000* .11623 7 69 1051 b-UDI 

U3.D00-E44.494 . . 10.00 7.50 1023 6-MU 

£10,000-04,444. 9 00 6 73 9 2 6-MU 

£5.6(I0-C9.9d9. .J7 75 5 Bit 7 4lt>-MU 

All Balances.. ..71719 60 7.201 10.001 MU 

Tv Tier - ImtoBt Amp Sutou 

£50.000* .. 9.00 6.75 4 20 6-MU 

UO 000-£«9.999.. ... 850 638 8 M 6-MU 

£5.000-14.949 . 725 5 441 738 6-MU 

II.000-44.494 6 75 5 06 6 86 6-MU 

(I-C444 . .3 00 2251 3 Klfc-MU 

Ultra Und Baring ttomta Am4 

£20.000*. _ . 5 00 3 75 532 MU 

13 000-149 444. 3 50 263 3 56 MU 

£3000-14.949 . 200 1 30 2 02 Mill 

Cl-£449.. .. 150 1U 150 MU 


Halifax Bldg Soc Asset Reserve Cheoue Acc 
TrinByfttm Hilrfu HX12W , 0422335333 

£5 000-14 494 7 B5 5 84 8 08| Otr 

Lit) 000-C24.444. 8 55 6 41 A83 Qu 

C& Q0CH49.999 . 8 40 6 68 9.20 Wr 

150.000M4IDMT . .19 70 7 281 10061 Olr 

Julian Hodge Bank Ltd 

10 WinOMt PlatrCMil! Cf 13BA . 0222 220800 
bUaFate>tiUDa*a .1(0 75 80bl -T - 
em» HHU hwM pram 4 r wail 
£50 000* . 10 75 806 1L14I OU 

£10.000* 1050 7 88 10 92 Olr 

15 000* 1)0 00 7 50■ I0J8I Qu 

Humfeertlyde Finance Group 
5Banin Way. Hoc*. Baunoaohf , 0256 760000 
150.004* 11000 7 501 10281 OU 

Leopold Joseph & Sons Limited 
29GmaaniStrM LcadoeEC2V7EA 0715882323 

Tiuurj HUblataatOKucAccsut , 

£25 001—1100.000 |4M 7 125 4 84 Olr 

LIDO.OOlpin . to 75 7 31251 (0 111 Qu 

Kleiowort Benson Ud 

158 KffltiU Tom Rd U>M NWS 2BT 0712671586 

H I C-A i£2 500*;.. ..TtoS 6 437519 66UI Path 

Lloyds Bank - Investment Accoont 
71 LombanlSi. Ldooo4EC3P 3BS , 0272433372 

£50.000 and aborTTto JO 6 98 4 30p?uriy 

£25 000* 4 00 6 75 4 oof Y*artr 

£10 000* B7D 653 8 TO) fruh 

15000* . 1740 5 331 7 401 Yrariy 

Midland Bank pic 

PO Bo. 2 Sbttfirld . . 0742524344 

Lunvta(3000* . 810 607 82516-UU 

UCiOOO* 834 6 25 &SO 6-UU 

£23000, 882 661 9 DO 6-UU 

£50 000* . . 454 7 15 4 75 6-MU 

TESSA. .... to 50 -I 9 501 Yiarif 

NatWest Crown Reserve Anoint 

4Unnbory London. ECP28P ,0800200400 

(25 000 and arar J4375 7 03 471|>4ln 

UOOOO 10124.944 14125 6 841 9 44 3-Mu 

C2 000-19.944 .. Is 75 65bI 9MI3-MH 

Provincial Bank PLC 

30 AMiey Rd. AitriDdiam. CaeMiv ,061-9289011 
HI.CA.lU.00M 18 23 6141 8571 MU 

Royal Bank of Scotland pic Premium Acc 
42 SI Aitoim So, Edlipyrja EH2 2VE. 031-228 5650 
130.000*. [4 00 b 751 931 Qu 

£25.000-£44.444 8 W 6 451 8 88 Olr 

UO 000 -124 949 8 00 6 00 634 Otr 

£2.000-£9.999 . .1725 5 441 7 45 Qu 

Save & Prasper/Robart Fleming 
16-22 Werarn Rd. Roretud PM 13LB , 0800 282101 
PjbaiII MMDmta _ IS 50 638 887iDaBy 

TESSA Fiats 1 Year 888 - 4 25 MU 

TESSA VartaUf . .. 1934 -I 9.751 MU 

Starting Bank & Trust Ltd 
/U**rDdnv6AUX}Sr RndWlRGliBA 0734592543 
MDA 12.500*.- 3X0 00 7 301 10 2516-MU 

Tyndall & Co Ltd 

29-33 PrWctH Viaona Si Brmol 0272 744720 

Dtnand Act . 08625 6 47 08 90 Ob 

HIMA_ . 06 50 6 38 08.77 Qu 

Mima uaa.ooo* . as 75 tst osim au 

Matter PI® . .. 08375 6 28 08 64 QU 

TESSA . 0900 - 09JO QU 

ULC Trust Limited 

1 Grral Caiitoertond PI, LoadM W1H 74L 071-2580094 
UO0U6904»aaUu.. 111.25 8 441 11731 Ob 

United Dominions Trust Ltd 

PO Bu 135. Atbu Si. R«a4l»flRGl 3EB 0734 560411 

Craiiil Plu tttt— ihamt 

£1 OQO* . . J4 40 7 051 9.741 Qu 

J. Henry Sduoder Wagg & Co Ltd 
120CtautM.lMdeiEC2VODS .071.382*000 

SokIjI Acc.. fa 75 6 56 9 OlT UU 

00.000andunt . 1900 6751 4 2Sl MU 

Western Trust High Interest Cheque Acc 
Tto Mooejovut. PlrrafuU PU1SE , 0752 724141 
£15.000* . . [430 713 9 Ov 

C3.d00-U4.449 4 25 6 941 438 Qu 

U.000-14.944 . .to 00 6 751 93ll Qu 

WlmUedon & South West Finance PLC 
114 Mam SL (radon EC17AE ,071-6069485 

HumIMQaaaA ct. ..1873 6561 9041 Qu 


HUieS- Gnu Ceauieuai rare of .ntmst Mrafcte nM 
ira ln« racram af Me drUcllan «r baste nu Iran* u> 
NehWVOllBUiBtptoaMc after allMkid lor drUctIon 
tS b»uc rate ro w n» O ra uCAO- Cm aw eraualned 
u uke jccaan «£ CMMUdnr af br uin oau MSrr 
llun on a roar. 'Corapmded Anal bit' lot Cn 
Ficqncr ai *<*611 uunst l> cradiM u we wart. 


FINANCIAL TIMES CONFERENCES 

WORLD 

AEROSPACE 

AND 

AIRTRANSPORT 

LONDON 

2 & 3 September, 1992 

Speakers include: 

The Honorable Jeffrey N Shane 

US Department of Transportation 

The Rt Hon Christopher Chataway 

Civil Aviation Authority 

Mr Giovanni Bisignani 

European Airlines Association 

Sir Colin Marshall 

British Airways Pic 

Mr Richard R Albrecht 

Boeing Commercial Airplane Group 

Mr Adam Brown 

Airbus Industrie 

Mr Maurice A Foley 

GPA Group pic 

Mr Thomas M Culligan 

McDonnell Douglas Corporation 

Mr John Weston 

British Aerospace Defence Limited 

Mr Brian H Rowe 

GE Aircraft Engines 

A limited amtjuu of exhibited! space « avadatde at the conference. 


For information please return this advertisement, 
together with your business carp, to 

Financial Times 
Conference Organisation 

126 Jermyn Street. London SWiY 4UJ. UK 
Alternatively. 

Telephone- 071 ■ 925 2323 

Telex 27347 FTCONFG Fax 071-925 2125 














































































































































































































































































V 


r- 


14 


FINANCIAL, times WEEKEND JULY 2S-JUI-V » 1992 


LONDON STOCK EXCHANGEsDealings 


Details oi business done shown below have been taken with 
consent from last Thursday's Stock Exchange Official List and should 
not be reproduced without permission. 

Details relate to those securities not included in the FT Share 
Information Services. 

Unless otherwise indicated prices are in pence. The prices are 
those at which the business was done in the 24 hours up to 5 pm on 
Thursday and settled through the Slock Exchange Talisman system, 
they are not in order of execution but in ascending order which denotes 
the day's highest and lowest dealings. 

For those securities in which no business was recorded In Thurs¬ 
day's Official List the latest recorded business in the four previous 
days is given with the relevant date. 

Rule 535(2) stocks are not regulated by the International Stock 
Exchange of the United Kingdom and the Republic of Ireland Ltd. 

* Bargains at special prices. 4 Bargains done the previous day. 


British Funds, etc 

No. of bargains included 2843 


Treasury I3X% 5th 2000103 - £123% 
Exchequer io%% Sft 2005 - £110% 
l20JyS2) 

Guaranteed Export Franca Carp PLC 
12 ft'* GW Ln Sft 2002( Reg] - E120K. 
%% 


Corporation and County 

StOCkS No. ol bargains included 1 


Carp Of Lcncon3'*% Dab Sth 83/93 - 
£94(OTJyS2) 

Glasgow Cofp3'l% 1ml Sth - £33 
(2!Jy92) 

KUMstt Metropolitan Council 11.8% Fed 
Stk £031 - ElOSh (22Jy92) 

Mortort London Bomugh of) 11 It % Rad 
Stk 2017 - £109 (2ZJy92) 


UK Public Boards 

No. of baigafna Hefudadnfi 


AgrwulturaJ Mortgags Cop PLC6X% Oab 
Sth 9»94 - £92% (20JyS2) 

7*% Deb Sex 91193 - £987. (22Jy92) 
Port of London Autftar«y3% Part of 
London A Stk 29199 - £70 (17Jy9Z) 


Foreign Stocks, Bonds, 
etc-(coupons payable in 

London) No. o/ bargain included 100 


Abbey National Sterling Capital PLC10X% 
Subortf Gtd Bds 2002 (Br£ Var) - 
£103". % (21 Jy92) 

11 X% Suborn GW Bds 2017 -£108%. 
(22Jy92) 

Argyll Group PLC4 , /,% Cm Bds 2002 - 
El23(2lJy92) 

Aada Rnanca Ld10%% Cnv Cap 
BOs20llS<Br ES0004100000) - £78% 

(23Jy«2) 

Associated British Ports Hldgs PLC10%% 
Bds 201 SfBrfMOOOO&l00000) - E98W. 
(20Jy921 

11%% Bda 2011 (Br £100008100000) - 
£109% (22Jy92) 

BAA PLC 11%% BCH 2018 (Br 
£100008100000} - £114 (22Jy92J 
BP America Inc9%% Gtd No 1994 - 
£98% 92 Y. i22Jy92) 

Banque Nationals De Parts 10% Nts 1994 
- £99% (t7Jy92) 

Barclays Bank PLC 10%% Senior Subord 
Bda 1997 -£l0l*a2%% 

12K% Sartor Subord Bds 1997(Br£Var) 
-£110% (17Jy32) 

Blue Cede industries PLC t0*% Bds 
2013 [Br£50004100000) - £100 
(20Jy92) 

0%% Subord Cnv Bds 2002 - £94% % 
(f7Jy02) 

Blue Ode industries Capital UM0K% 

Cnv Cap Bds 2005(Br£S0008100000) - 
£108% (21Jy92| 

Britannia Buidhig Society 10%% Bds 2000 
(Br £100008100000) -£100%, (22Jy92) 
Brftwn Aerospace PLCi0-% Bds 2014 
(Br£100008100000) - £90% 1 X 
11 ’/.% Bds 3008 (Br £1000810000) - 
EIOIB <i 2K X 

British Airways PLC0%% Nts 1997 - 
£97'A 

10%% Bds 2008 - £100% (22Jy92) 
Brmsft Gas M Finance BV8X% Gtd Nts 
1999(BrS1000.100008100000) - $108% 
% (21Jy92) 

Bnbsh Gas PLC 10%% Bda 200I|Br 
£1000.100008100000) - £107% % 
(21Jy92) 

12%% BdS 1995 (Brtl OOO&t0000} - 
£106%. 

British Telecom Finance BV7%% Gtd Bds 
l996(BrS5000860000) - S106X .45 
(2lJy92) 

Brush Tdecamnuf^icailons PLC9K% Nts 
1993 - £98.95 

13%% Nts 1993 (Br£100,1000810000) - 
£101%{17jy92) 

Burnish Castrol Capital!Jersey) Ld9%% 
Cnv Cap Bda 2005<Reg] - £112* 3% 
f22Jy82) 

9%% Cnv Cap Bds 
2006(Br£5000850000) -£111% 

(22Jy92) 

Cable 8 Wireless hit France BV10%% 

GW Bds 2002 (Br £100008100000) - 
£101%# 30* 

Coflateraksed Mtg Secs (N01O) PLC1IX% 
Sec Bds I960 (Br E Var) -£105% 
(20Jy«2) 

Commercial Umon PLC 10%% GW Bds 
2002 (BrC Varl - E102X# 
Co mm e rzba nk Overseas Finance NV10% 
Nts 1933 - 899% 

Commonwealth Bonk of Australia 15X% 

Nts 1994 (BrSAI000810000) - SA114% 
(22jy92) 


Pearson Staring Finance PLC 10%% G«d 
Bda 2002 - £102 K. (30Jy92) 

Peninsular 8 Oriental Steam Nav Coll K% 
80S 2014 [Brtl00008100000) - SW* 
(22Jy9Z) 

PcudantM Rtnnos BV9%% GW Bda 2007 
(Br£S0004l00000) - E84H 
RMC Capital Ld8*% Cnv Cep Bds 2006 
(Br £9000850000) - £91 
Rodtand Capital PLC 7* % Crw Bds 2002 

- £90K(17Jy92) 

Royal Bank of Scotland PLC 10%% 

Suborn BdS 1996 (Br£5000825000) - 
£102% (17Jy93) 

SKF AB Liquid Vhrid Option Nts 2002(Rag 
m ECU) - £42% (20JyS2) 

Seinsbuy (J-iChaimei WandsjLd 
BK%CnvCapBda 2005(8r- £142 3 
(21Jy92) 

Severn Trent PLC 11»% Bds 1999 (Br 
£50008100000) -E107K 
11%% Bds 2001 (Br £50008100000) - 
£108% 

Standte Capital AB11% Gtd Nts 1966 - 
£ 102 % 

Slough Estates PLCti%% Bds 2012 (Br £ 
VarX25% Ptty Pd) - £23% 4% (20Jy92) 
8% Cnv BdS 2003 - £114 (20Jy92) 

South West Water PLC 10%% Bds 2012 
(Sr £100008100000) - £1051% 

State Bank of New South Wales Ldl2N% 

Nts 2001(BrSAVar) - SAI14* SK 
(20Jy92) 

Sun ANance Group PLC 10%% Nts 

l997(Br £1000.100008100000) - £101% 
Svanak ExportWad* AS Zero Cpn Nts 
1994 - $92% 3Vt (31Jy92) 
SwmtonfKtagdom of)8%% Bds 1996 - 
$109% 10 (21Jy8Z) 

TSB Group PLC 12% Subord Bds 2011 (Br 
£100004100000) - £112% (17Jy92) 
Tarmac Finance (Jersey) Ld9%% Cnv Cap 
Bds 2006 (Reg £1000) - £86% 

Tate&Lyte hxFbi PLC/TstaALyte PLC5%% 
TALftFnGdBda 2001(Br) W/WteTALPUC 

- £79'A (2lJy92) 

Tosco PLC 10%% Bda 2002 (Br £Vv) - 
£102%p0Jy92| 

Tesco Capital Ld9% Cnv Cap Bds 
200S(Rea £1) - £114% .31 .44 K 5 6 
Thames Water PLC9%% CnvSuboTOBds 
2006(8r£S000450000) - £116 % 

(21Jy92) 

Thames Water mattes FInanca PLC 10%% 
Old Bds 2001 -£10S*(17Jy92) 

THORN EMI Capital NV5*% Gtd Rad Cnv 
Prf 2004 (BrtSOOO) -£l 20* <22Jy92) 

31 Group PLCB%% Nts 1984 - £99 
10%% Gtd 8da 2001(8r£l000810000) - 
£103% (21JyS2) 

Trafalgar House PLC 10%% Bos 2006 - 
£91% (22Jy9Z) 

107.% Bds 2014 (Bri£f00008100000) - 
£929L <22JyS3 

Unrtsd Kkigdom8%% Treasury Nts 
24/1/95 (Br ECU Var) - EC9&4 (20Jy92) 
Welcome PLC9*% Bds 2006 - £97% 
(20Jy92) 

Woolwich BuAflng Sodaty11%% Subord 
Nts 2001 -£104%(Z2Jy9g)_ 


Cosata Finance NV7J>% Gttfftad CnvPrt 
2003 £1 (Certs la Br) - 81 (22Jy92) 

Daily Msd 8 General Trust PLC8%% Each 
Bds 2005 (Brtl00085000) - £114 
(*1Jy92) 

East Mtdanda Sectrtdty PLC 12% Bds 
2016 (Br £10000 8 100000) - £118%. 
(22Jy92) 

Elf Enterprise Finance PLC 8)4% Gkl Exch 
Bds 2006 (Reg £5000) - £92% 

8%% Gtd Exch Bds 
2006(Br£S0008100000) -E92 
Export-import Bank of Japan 10%% Old 
Bds 2001 (Br £1000810000) - £107 
piJy92) 

Far Eastern Textile Ld4% Bds 2006 - 
S98H (22Jy92) 

FMantKHapuOEc of)9%% Nts 1907 (Brt 
Var) - £100% (22Jy92) 

10%% Bds 2008 - £102*%. 3% (21Jy92) 
10%% Bda 1998 - £103% 

Fisher (Albert) Finance N.V.5%% Gtd Rad 
Cnv Prf 2004 - £107 (17Jy92) 

General Electric Credtt inti nv zero Cpn 
Gtd Nts 1995 - $87% (2QJy92) 

Granada Group PLC 11«% Bds 2019 
(BriM000041000001 - £102 (22Jy92) 

Grand Metropolitan PLC8K% Subord Cnv 
Bda 2002 (BrtSOOO) -E126 
HeJHax Bunding Society 10% Nts 1993 - 
£99 

Hanvnaraon Property hw 8 Dev Corp 
10%% Bda 2013 (Brtl00004100000) - 
£927.131JV92) 

Hanson PLC 97,% Cnv Subord 2006 (Br 
£1tar) - £101 % 

10%% Bds 1997 (Br EVar) - £99% % 

100K (20Jy92) 

Hanson Trust PLC 10% Bds 2008 
(BrtSOOO) - £96 % (22Jy92) 

HHsdown HkJga PLC4%% Cnv Bds 2002 
-£121% (2lJy92) 

Hydro-Quebec 

12%%Dt»SrsHW3fi015(Brt100008100000) 

-£ 121 %. 

I.CJ.F1nance{Netliertands)NV8% Gtd Bds 
1996-9106% %(21Jy92) 

Imperial Chemical industries PLC9%% 

Bds 2005 -£97% (20Jy92) 

10% Bda 2003 -£100% 

International Bank fbr Rec A 0ev9%% 

Bds 2007 (BrtSOOO] - £39.7375 ■%. 


I05i% N19 1994 - £101% 

RoMRapuMib 0f)8%% HU 1904 - $108% 
b (21Jy92) 

fl%% Nta 2Qm(a»OQO&9QOOO) - 

si oar. 

9%% Nts 1997 - S112.65 (Z2JyS2J 
9%% Nts 1995 (BrSIOOOOaiOOOOO) - 
$112.3 (21JyK3 

9%% NO 1999 - S114.2 (22JV92) 

10%% BOS 2014 (Brtl0000&50000) - 
£105%. »■« K % 

Japan Development Bank 6 it % GW Nta 
1993 - £99-05 (20Jy92) 

Land Securities PLC8«% Cnv Bds 2002 - 
£78% (22Jy92) 

a%% cnv Bds 2004 (BrtSOOOSSOOOO) - 
ZB6K (22Jy92) 

Usmo PLC7M% Cnv Bda 2008 - £74% 
Lew* (John) PLC10*% Bda 2008 - £100 
10%% Bda 2014 (BrtlOOOOS100000) - 
£ 100 % 

Lloyds Bank PLC 10%% Subord Bda 
1998(Brt10000) - El 00% (20Jy9S) 

Lucas Industries toc5U% Cnv Bds 2002 - 

Lucas Industries PLC 10%% Bds 2020 
(Brtl00008100000) - £95 % % 7.6 
MEPC PLC 11%% Bds 1983 -£99% 

(sijygei 

Mwto & Spencer Rninee PLCfi%% GW 
Nts 1W3 - £99.45 (17Jy92) 

Morgan Guaranty Tat Co of New York 
12%% DepoeHNtS 1904 - £1030 
htodctocMy Finance Ld0%% Old Ws 1907 
(Br EVar) - £99« (174y92) 

National Wdatmkwtar Bank PLC11%% 
Subord Nts 2001 (Br £Va<) -£100% 
(22Jy92) 

Nationwide Budding Society 11 K% Nta 
1»7 (Br S3000 8100009) - B04K. 
New Zealand9%% Bds 1995 -S99% 
(22Jy92) 

Norway (Kingdom 0l)10%% W9 1994 
(Br£1000.100008100000) -£101%« 
Pactfk Beriric WVe&CsbU Co Ld3V% 

Bds2001 -$100% IK 
Pesreon PLC 10%% Bds 2008 - £S8% 
(22Jy92) 


Sterling Issues by Overseas 
Borrowers 

No. of bargains Included21 


American Medical Intern at ional Inc9%% 
Una LnSik2011 -£70(22Jy92) 

Caisaa Centrale De Cooperation Econ 
I2U% Gtd Lit SOt 20l3(Reg) - £127% 
(22Jy92) 

Coisse Natkmaie Dos Autorou te s 18% Old 
Ln Stk 2006 - £161 (21 Jy92) 

Cradk Fonder De Franca 

lO%%GMSennS&20l U2,l3.l4{Reg) 

- £109% (21Jy92) 

10U%GtdSerLnStk2D11.12.13.14(Bt) - 
£l09%(21Jy92) 

14%% Gtd Ln Stk 2007(Reg) - £140% 
(20Jy9Z) 

Dettmarit(K3ngdom of) 13% Ln Stk2005 - 
£124% (22Jy9Z) 

EtocMcHa da Pranoa 12M« Old Iji Stt 
2008(Rag) - £126% % % (2lJy92) 

11 %% GUI Sar Ln Sik 2009/l2(Reg) - 
£120% (20Jy92) 

European Investment Btnk9% Ln Sik 
2001 (Reg) - £98 K S 
9% Ln Stk 2001 (BrtSOOO) - £98% 
(17Jy92) 

9%% Ln Sik 2008 - £102%. (22Jy92) 
10%% Ln Stk 200*(Reg) - £107% %. 
10%% Ln Stk 2004{Br £5000) -£107% 
(Z1JY02) 

11% Ln Stk 2002(Rag) - £110% 
FMandlRapiMc of)11K% Ln Stk 2009 
(Red -£116%. % 

Hydro-Quebec 12.79% Ln Stk 2015 - 
£124% %. 

15% Ln Stk 20(1 - £139% (21Jy82) 
tnco Ld15%% Una Ln Stk 2008$ Rep Opt 
-£13» 

Marnadanal Bank for Roc 8 Oev9%% Ln 
Stk 2010(Rag) - £102%. 

11^% Ln Stk 2003 - £114% 54. K. 
Malaysia 10%% Ln S& 2009(Br) - $145J 
(20Jy92) 

New Zealand 11X% SOi 2008(Rag) -£H1 
tKUy92) 

pog^p of) 9% Ln Stk 2016(Reg) - 

Spakt(Klngdom ot)11K% Ln S6( 

20TO(Refl) -£118%. 

Swedwi(Kingdom of)9%% La Stk 
20i4(neg) - £101% 2% (21 Jy92) 

9%% Ln Stk 2014(80 - £102* C21Jy92) 
SM«den(Kk)gdoin oQ11% Ln Stk 2012(B0 
-£113 (21Jy92) 

United Mexican States 16»% Ln Stk 
2008CFtag] -£124K piJy92) 


Listed Companies(exduding 
Investment Trusts) 

No. of bamahts Indudad22645 


ABN-AMRO tfdga N.V.OTO PL5 - 
NG43 76 A J85 Si JO 
ADT LdCom She S0.10 - 446 8 66 
AMEC PLC 15% Uns Ln Sik 1992 - £100 
ASH Capital Flnanca(Jersey)Ld9%% Cnv 
Cap Bds 2006 (Reg Units loop) - £75 6 
.04 X -29 

9H% Cnv Cap Bds 2006 (Br EVar] - 
£75% 

Aberdeen Trust PLCOrd I0p - 32* 
Aberiortti SmaMr Companies Tst PLCOrd 
25p - 124 fl (22Jy92) 

Wts to SU) For OTO - 68 (22Jy92) 

Ab trust Adas Fund Sirs of NPVQJMaa 
States Portfoao) -S3J122 Qljy92) 
Adtflson Consultancy Group FUOrd 8p - 
12 % 

Aetna Malaysian Growth FundtCeymanJLfl 
Ord S0.01 - E3A15 S83 
AMdHla Hklgs PLC7Jp (Nat) lot Rad Prf 
50p - OX (20Jy92) 

Albert Fisher Group PLC Warrants To Sub 
FOr Old - OX (20Jy92j 
AOR (10:1) - V2 

Alcan AlumMkxn LdCom ShaotNPV - 
£10J(22Jy9Z) 

Aiexon Group PLCSJSp (Nat) Cnv Cum 
Red Prf lOp - 77% B 
Al Nippon Airways Co LdShs Com SOt 
Y50 -YB0W16 0.16.1630 
AUanx AG HdgShs DM50 <RFD-1/1f92) 
(Cpn12) - DM2039 (21Jy92) 

ABsd London Propenteo FLC10% Cixn 
Prf El -668faiy92) 

10%% 1st Mtg Deb stk 2025 - £99% 
ffUlSZ) 

Aflad-Lyono PLC ADR (1:1) - *11 * 
(ZOJyfa) 

5%% Cum Prf £1 -49* 

7%% Red Dob Sik 88/93 - £96 
5X% Uta Ln sue - £50 CZ0Jy92) 

6X% Ura Ln Sik - £60X 1H(2lJyfi2) 
7%% Uns Ln Sik - £72 <2>Jy92) 

7*% Ura Ln StkSVSS - £93 
ABad Radkj PLCOrd 25p - 15% Ktfl% 
7* 

Alphameric PLCOrd ZJSp -136 
AMs PLC 5.5% Cnv Cun Non-vtg Rad Wf 
£1 -51% 4 

American Brands incShs of Com Sik 
$3,125 - $47^46 

Amerttach CarpShs of Com Stk 51 - 
S67X (J7Jy92) 

Andiwm Sytum Group PLC Cnv PrfSOp - 
63(2lJy92) 

Anglan Group PLCOrd fip - 202 
New Ord 5p (Ab-418192) - 201 
Anglan Water PLC5S% Mdax-LMnd 
LnStk 2006(6.0244%) -£110% 


Anrto-&B«am Ptantatkms PLC 12%% Una 

Ut Stk 95*9 - £77 (20Jy92) 

Asarao me Com sik fW - $28% {2lJyS3) 
Aspmy PLC9S% Cun Pri £1 -114 

Al^S 7 ^^o ABA Sha SK2S - SX283 43 
4256 430 ^4668 
AtWOOdi PLC ADR (9:1) -*11% 

Atwoods (Finance) NV8%p Old Rod Cnv 
Prf Bp -82 5(20Jy92) 

Austin Road Group PLCOrd 25p - 220 

(17Jy92) 

Automated SecixtW*d«0 PLC5% Cnv 
Cum Rad Prf £1 -73 
8% Cnv Cum RadPrfEl - 806022X 
38% ^3 1.03 . ^ 

BAT industries PLC ADR (1:1) - *1<* 

.104S2S* .124529* 

BET PLC ADR (4:1) -S9.!34«6^ 

BKX PLC3.85%(Fmly 5»%) 2nd Cum PH 


Sik £1 -61 (2tjy92) 

7%% Qsb Sdt 90f8S - £94 (17jy92) 

BM Group PLC4.6p (Not) Cnv Cum Rad 
Prf 20p - 60± 

BOC Group PLC ADR (1:11 - S12JB 
(21Jy92) 

12%% Uns Ln Stk 2012/17 - £117%. % 
\ “t- (22Jy92) 

Bf.GJnternaflonal PLC 12%% Uns Ln Stk 
93188 - £93 (22Jy92) 
btp PLC7jsp(Neq Cnv Cum Red Prf i0p 

- 144 5 

BTR PLC Wanants 1995^810 Sub tar Ord 

-73 4 6 5 5* 8 

AOR (4:1) - $3232 (21 Jy92) 

Bank of GratandtCommor 8 Co of)Uata> 
NCP Stk &s A El & £9 Liquidation - 
£11%. (17Jy92) 

Barclays PLC ADR (4:1) - S23J97 9992 
Barclays Bank PLC8M% Uns Cap Ln Stk 
88193 - £96% 

12% llns Cap Ui S6t 2010 - £114 
(22Jy92) 

10% Uns Cap lit Stk 200SI07 - £134% 

% X. % X (22Jy92) 

Baroom PLCOrd 20p -94 
Baring Chrysata Fund LdOrd *001 -$8% 
Barings PLC9%% Non-Cum pH £1 - 
119% 

Bass PLC AOR (2:1) - J20S7430S 
(21Jy92) 

8X% Dst) Stk 87/92 - £99 (21 Jy82) 
10%% Deb Stk 2016 - £106% <j22Jy82) 
4%%Una LnStk92197 -£8i% 

(20Jy92J 

7X% Uns Ln Stk 02197 - £03 
Bass Investments PLC 7*4% Uns Ln Stk 
92197 -£91 

Bennett 8 Fountain Qoup PLC W an a its 
to sub tor Ord - OK (2Uy92) 

Ber geeen d-y AS'A* vtg Sha NK2Ji - 
NK87X 

-S'Non Vtg Shs NK24 -NK67K BH 
Blsicrt Mining PLC 10p -18 
Btacfcwood Hodge PLC 9% Cum Rad Prf 
£1 -39 

Bkie ansa Industries PLC6X% 2nd Deb 
Stk 1984/2009 - £87% 8 (17Jy92) 
Boddngwn Group PLC9%% Cm Una Ln 
Stk 2000/09 -C165 

Booker PLC ADR (4;1) - $3042 (21Jy92) 
Boot(Herry) * Sons PLCOrd 10p -200 6 

Boots Co PLC ADR (2:1) - S16J77 (2tJy92J 
7%% Una Ln Sdt 88193 -£96(2lJyfl2) 
Bosconee Property do Ld5% Cum im Prf 
£1 - 69 90 1 (17Jy92) 

Botswana RST LdPu2 - 3 (21 Jy92) 
Bradford 8 Bingtey Bitting Society 11%% 
Perm Inc Bearing She £10000 -£103 
13% Perm tat Bearing Sha £10000 - 
£115% 

Brant Walter Group PLC Wts to Sub »r 
OKI -2% 

BJJ% 3rd Non-Cum Cnv Rad 2007/10 
£1-4% 

Bristol Scobs PLC Ord Sik 5p -75 
(17Jy02) 

Bristol Water Mdga PLCOrd £1 - 657 85 
(S2Jy92) 

Bristol Waterworks PLC4% Perp Deb S0( 

- £37% (20JV92) 

Bristol 4 West BoWng Society 13%% 

Penn tat Baaing Sira £1000 - £115% 

% X % 6 X X % 

Britannia Buldng Society 7 3% Undated 
MsndatoryCm SubortMU (Reg) - 
£113% 4 

British Airways PLC ADR (10:1) - S40K 9 

British Alcan AiumHun PLC 10%% Deb 
Stk 2011 -£94% 

10%% Deb Stk 89/94 - £96(22JyS2) 
British Bto-Tadhnoiogy Grow) PLCOrd 60 
-417 20 20 6 6 

British Petroleum Co PLCWamita to 
purchase AOS -50%. (21Jy92) 

8% Cum 1st Prf £1 - 79 (22Jy92) 

9% Cum 2nd Prf El -88 
British Shoe Corp Mdga PLC4J45% (Fridy 
6H%)Cum 3rd Prf£1 -58(21Jya2) 
British Steel PLCOrd 50p - 52 % 8 3 32 
X XX % .63 .97 4 4 K % K65H84 
8 

AOR (10:1) -S10J65 % .48.49985 
.73024 

11%% Deo Sik 2016 - £1124* 

British Sugar PLC 10%% Red Oeb Stk 
2013 -£108%tt 

British Tetaeommunicntana PLCOrd 2Sp 
(Regd tat Cerf-lOSp To Pay) - 224* 8$ 
34 5 6 6 X 77 % 88 8$ .12X99$ 
40%* 1* 

ADR (10:1) 2nd tastabnant - $45% 

British Thornton HJdga PLCOrd 6p -10% 
Bthm Batata PLC&80* lot Mtg Dab 8ft 
2028 - £92% (22Jy92) 

Brown8 JackaoiPUCOrdIp -7%fl 
BrownJJohn) PLC6%% Sac LnStk 2003 - 
£BS{21JySa 

Boknm(HP*Udm PLC8%% ted Cum Prf 
£1 -103ta%# 

Bund PLC 7% Cnv Uns Ln Sue 05/97 - 
E77# 

Burotah Castrol PLC6% Cum 2nd Prf £1 - 
56{17Jy82) 

7K%Cum Rad Prf £1 -87%(22JyS2) 
Bun Stewart DisiBers PLCOrd lOp -133 
58 

Burton Group PLCB%Cri» Una Ln Stk 
1998/2001 - £69 

CRT (temp PLCOrd lOp -112 (22Jy92) 
Certowy Schweppes PLC8%% Una Ln Stk 
94/2004-£94 (21Jy02) 

Caffyna PLC 10% Cura Prf £1 -100 
(21*92) 

Cxkd Group PLCTpCun ChvRed Prf 
2009 lOp -77(22JySa 
CaBtamia Energy Co IncShs of Com Stk 
$00075 -£01146.173164 $11.690008 
X (22Jy82J 

Cambndge Water Co4% Cans Psrp Deb 
Stk -£32%*8* 

Canad i an Overs Pack tadustr LdCom Npv 
- 420 (20Jy82) 

CanntogfWJ PLC7%% Uns Ln Stk 88/93 - 
£82 (17Jy9Z) 

Opitai 8 Counties PLC0%% Uns Ln S6i. 
81/06 - £94 

Capital Strategy Rnd LdPtg Red Prf 
MOli^Opean Fund) - £1^7443 

Cerda Engtoeertng Group PLC 10%% Cum 
Red Prf El -108 

Carlton Cdmmurtcaaona PLC ADA (2n) - 
S22JJ7 X (21Jy92) 

CatarpOar IncShs of Cam Sik $1 -SS5X 
(17Jy92) 

Ctmfwood ACsnce Hktas Ld7%% Uns Ln 
Stk 60p -30(20Jy9Q 
Cheem Group PLCOrd B Nan-Vtg Ip - 
167% (2tJy9S) 

ChUtatpon Corporatton PLC9K% Cum 
ReC Prf £1 - 72 (22Jy92) 

Chuchbary Estates PUX2% Cum Prf £1 
-40 

Cky Stta Estates PLC 5^9% Cnv Cum Rad 
Prf £1 -38 (21Jy82) 

7% Cnv Una Ln fflk 2005/06 - £90 
Ctaremont GsrmematHcartngaJPLCOid 
18p -222 4* 

Ctaytiithe PLCOrd lOp -3940% 

9JS% Subord Cnv Uns LnStk 900001 - 


Cleveland Place Hotataga PLC4V% Red 
Deb Stk 88/83 - £94 p0Jy92) 

8% Red Deb Stk 89/94 - £92(2LJyS2) 
10X% Red Deb Stk 9095 - £98 % 


ClydB Btoweri PLCOrd 2Sp - 370 
(T7Jy92J 

Co-Operative Bank PLC92S% Non-Cum 
tad Prf £1 -107* 

Coats Pmona PLC 8*% Una Ln Stk 
2002/07 - £77 

7%% Uns Ln Sik 90/95 — £92 X 4 
Corns Vlyela PLC4S% Cum Prf £1 -59 
601 

Cema Vs Sey Wa ter Ld4% Cans Deb Stk 
(Irrd) - E3BO 

Cotorvfstan PLCOrd 5p -107 (2Uy92) 
Consnerdai Union PLC3fi% Cun Rad Prf 
El - 56 (20Jy92) 

BM% Cun tad Prf £1 - 109 
Cookaon Group PLC4^9% Cun Prf Ei - 
62* 

Cooper (Frederick) PLCeSp (Net) Cm Rad 
Cum Pig Prf UJp - 57 (22*92) 

Counsy Casuals Hdgs PLCOra 5p - 133 
CourtmJds PLC ADR (1:1) - $8240001 


7K% Oeb Stk 8»S4 -ESS 
5%% Una Ln Sik 94/90 - E&4 (2SUy92| 
6%% Una Ln Sik 94A« - £88 (2ljyS2) 
7% % uns LnStk 94^8 - £Si f %2% 
7%% Uns Ln Stk 200CMS - £84* 

Coventry Buldtag Soetaty 12%% Und Man 

Cm Suborn Nts(Reg£1000) -El 03 x % 
%* %4 

Crods mtemattonal PLC8^% Cun Prf £1 
-79(2Wy92) 

Ottm'3 mm PLCWarrana to sub tor 
Od -1 (&Uy82) 

Oe^MpB 8 General Trust PLCOrd BOp - 
Dairy Farm unemotional Htogs LdOrd 

an'* 1 '" 

Daigety PLC4SS% Cum Prf £1 -82 
piJysa) 

Dencora PLC8JB% Cum Cm Rad Prf £1 
- 6G 8{S3Jy32) 

Dawfktfst PLCOrd lOp -38(21Jy92) 
DawhurR DSM PLC 7% Dm Ln Sdt 
90/2000 - £68 (21 Jy92) 

Diploma PLC 10X% Una LnStk 90/95 - 
£83 

Dover Corp Com Stk SI - $39348686 
PM/mj 

Ocwty Gf«* PLC7% Cnv Cum Rad Prf 
£1 -08 

Dunktod Group PLCOTO ip-3X % X 
East kfldtonds Boctricky PLCOrd 50p - 
(3,0$ 

0»d HJpfftogfmCort-ITOp Pd) - 293 3 
JJ53 4 X 5 8 6 7 7 .148 

> PLCOrd 50p - 8347 


(21*92) 

OrdeOp(HegMC«R-l' 
S8 K^39 J8 80 80! 


-ITOpPd) -27800 
I0K S41 123 
s Oro kmn^8Exptoration Co PLCOrd 

Seaman House PlC7j% cnv cun Red 
Prf £1 -6Q 1 (20Jy82) 

Bnpta Storea Group PLC6X% Deb Stk 
9U96 - £88 X (21 JyS2) 

Engsh China Osya PLGADflpfcl) - 


EngHcn Property Corp Pl£9%% 1st Mtg 
Oeb Stk 07/2002 - £07 (22jy92) 
Enterprise Ol PLCit%% una LnSrk 2016 
-£ii0 % ihgiyaq 

B(Ftad)SK10 -Si01dX77*Z36% 
S58Ma#fl201 X 

Essex Water PLC9%% Red Oeb Sik 07/89 
- £99% (17Jy92) 

10% Dab Stk 92/94 - £97* 

4% Porp DebStk - £32% 8 (ZZJySSJ 
Etonbraok Properties PLCOrd £1 -712 
C21Jy92) 

Euro Disney S.&A. Sha FRIO (Depositary 
ReoaiptSl - £10 1005 1008 lOI lOt* 
10.18 1019 102 10X 10% 10 J 1035 
Sha FRIO (Br) - CIOII FR9BJ 7 7 2 
X X 8.10% ^5 

»PLCOfd 5p - 313 7%* 8 

I PLCOrd IQp - 87 

)8.73p (Net) Crtv 


Cun Rad Prf2Sp -4{i7Jy92) 
European Motor Hktoa PLCOrd 40p -104 
Eknbjrmai PLC/Eundumel 


SA Units n 

e*LC OTO 4^ 81 E3A FH10) (Br) - 
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Units (Sic_ . 

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PLC 7 (Net) Cnv Red 



Red Prf 2005 10p - 73 5% 
to sub for She - 


Excsfibur Group PLC 11.5% Cum Prf £1 - 
100 (20Jy92) 

F1I Group PLC7.7% Cm Cum Rad Prf 
96/99 El -175 (21Jy92) 

F airin g lord PLCOrd Sp - 7 C22Jy92) 
Ferranti tatemation a l PLC 6.8% 1st cum 
Prf £1 - 20 (21Jy92) 

Fbst Chicago Corp Cora Stk SS - $34% 
(20Jy92) 

First Debenuw Finance PLC 11.125% 
SavaraBy Gtd Deb Stk 2018 - £112% 
First National Finance Corp PLC 10% 
SUxxd Una Ln Stk 1992 -£9O(20Jy32) 
Ftoons PLC ADR (4:1) - $107 

5%% Uns Ln Stk 2004A» - £87% 
Flagstone Holdings PLCOrd Ip - IK 


3Com $0825 -$38/0048 


Foftea Grot* PLC Old 5p - SO 
Foreign 8 Col Reserve Asset Fund Ld 
F’tgRedPrf $005 (UK Equates) - £9-78 

Forto'^LCia5% Mtg Dab Sdc 01/96 - 
£99% 

9.1% Una Ln Sik 85/2000 - £94 
Forth Ports PLCOrd BOp - 107 9 
Frientay Hoaris PLC4X% Cnv Cum Rad 
Prf £1 -72(22Jy92) 

7% Cnv Cum Red Prf £1 -6096 1 3 
«20Jy9Z> 

GKN (Unfied Ktagdom) PLC 10%% Gtd 
Deb SVi 90/96 - £99 (22Jy82) 

G.T. Berry Japan (Steritog) Fund LdPtg 
Red Prf ip - £11.77 (2fJyS2) 

GT. ChSe Growth Field LdOrd $0X1 - 
S20K (21Jy92) 

Warrants to sub tor Ord - $10 (17Jy02) 
GTE Corporation Sha of Com Sik $0.05 - 
$302297 (21JyS2) 

General Aec FksSLHs Asse Corp PLC 
7%% Una Ln Stk 07/92 - £90% 

7«% Urn LnStk 92^7-£92 (17JV92) 
General Bedric Co PLC ADR fill) - S4.16 
7K% Uns Ln Stk 88/83 - £94 
Gtaxa Group Ld6K% Uns Ln Stk 85/86 
50p -46(20Jy92) 

7%% Uns Ln W 85/95 50p - 47% 
(17Jy9jg 

Global Stock Investments Ld 
PtgRedPrf$0Dl(US Smafler Co’a- 

$14.12 (21 Jy92) 

Gfynwsd Intamadana) PLC10K% Uns Ln 
Stk 94/99 - £97 

Goodwto PLCOrd I0p -40 (17JyS2) 

Grace (WJU 6 Co Cora Stk $1 -S32.9* 
Grampian HldgaPLC7% Cun Pit £1 -58 
(17JyS2) 

Grand MetropaRan PLC 5% Cum Prf £1 - 
50 (20Jy92) 

Great Portland Estates PLC9i% lot Mtg 
Dab Stk 2018 - £96 (22Jy02) 

Great Universal Suras PLC8%% Uns Ln 
Stk 93/98 - £93 % 

Greece Fix*! LdShs $0.01 (iDRa to Br) - 
$1882%(2fJy92) 

aeansBt Group PLC 8% Cun Pit £1 -80 
(22Jy82> 

11X% Deb Sik 2014 - £114% 

8%% tad Uns Ln Stk - £82 
Groancora PLCOrd K1.00-2.SS 
05% Cnv Uns Ln Stk 1995 - EE112 
(17Jy92) 

Greenwich Resources PLCOrd 6p - 4% * 
C20Jy9Z) 

Greycoat PLC0%% Cun Bed Prt 2014 £1 
-47 0 9 9 % 5060 2 2 
12*0% Ulla Ln Stic 80/92 - £90 
Gubmess PLC ADR (Sri) - $50*7 K 1/03 
Guinness Fight Global Strategy FdPtg 
Rad Prf iuOicaabBl Bond nnd) - 
$32.42 (20JyS2) 

HSBC Htdgs PLCOtd 75p - 380 % 2 3 3 
-33 X % XI 4455 % SI 8877 fit 
331 % 88 33 X 3399 X 40 40.17 X 
OTO *H10 - RM15.78 173 p 331 67% 8 
8 3296080.18% 1 122% % 3183 

3 318 % 44 % 8 

OTO *HlO (Hong Kona Rag) - «2K * 
623 5H523 $ 53 $H53 2* X A 
328328 3 3 J .7 328483 3128 3488 

4 311275 

HSBC Hdgs PLC 1130% Subord Bds 
2002 (Rw) - £1025* K35K. 

1130% Sbofd Bda 2002 (Br EVw) - 
£1027 X 

HrfHax BuBdng Society 12% Perm tat 
Bearing Shs £1 (Reg £50000) - EfIOX 
1(22Jyfl2J 

Hammaraon Prop tavADav Corp PLCOrd 
25p -2923 

Hardys ft Hensons PLCOrd 5p - 290 

paw 

Harrington Kfcride PLCOrd 5p -155 
(20Jy92) 

Harrison tadusbtos PLC OTO lOp - 8% 
Hasbro IncSha of Cun Stk $030 - £14.7 
Hawdn PLC435% CUn Prf £1 -40% 
Hepworth Capital Flnanoa Ld1139» Cm 
Cap Bda 2005 (Reg) - 123% 4 
Hawftt Group PLC 10% CUn Prf £1 -97 
(i7Jy92) 

HBadownHUga PLCADR(4:1) -S0L46 
(21J»3Z) 

Honda Motor Co LdShs of Com Sdt YSO - 
Y1128344 60 83% 38 737809 81.116 


Hong Kong Land tsdga LdOrd $0.10 
(Hong Kong Rag)-*H13334331753 


.106 


House of FTOsar PLC8% Urn Ln Stk 03W8 
-£82 

8X% Uns Ln Sk 93/98 -£97 
Houston Ftasnca Corporation Ldll%% 
Deb Stk 201B - £106 
Huderprira Grou) PLCOTO Sp - BK 7% 
IAWS Group PLC "A" OTO IrSUZS 
lEx-DMttantJ) -34ta 
8% Subord Cm Uns Ui Nta K1 
(Ex-Ov) -1£53 

Ml PLC 5%% Una Ln Stt 20016)6 - £87 
(20Jy92) 

7%%Uns LnStk88/93-£96(17Jy92) 
IS rtmatayan Find NVOrd FL03I - S7 
(17Jy9g 

loetand Frtwen Foods Htogs PLCCnv Cun 
Red Prf 20p -139X401 
Industrial Control Services Grp PLCOrd 
lOp -138 7 

tad Stock Bechanga of UKSHap of trLd 
7X% Mtg Deb Stk 90/96 -£92(17JySq 
10%% Wg Dab 80c 2016 -E101K2X 
% PTilfM 

Irish Ufa PLCOrd KD.10 - El 31 p 170 
JF Paoflc warrant Co SAWts to Sii) tor 
OrtJReg) -20(22^fi2) 

Jffl Group PLCOrd idp -135 40 
Jarmna Mattuson Htogs LdOrd SOTS 
( Hong K ong Regleter) -$H56 l118096 
.192073 3. 304^385334 3436 349 


JartSne Strategic Hldge LdOrd *0.06 


(Hpng Kong Register)-$H2SX t 

S.776331 SH2S37E5 33029 8 


SS 0 


' Bactric/ty Co m m K Old £1 -010 


Jaseupa PLC73p (Nat) Cnv Cun Rad Prf 
O0p-77G2Jy9Z) 

Jatarnnburg Cons taros Co LdRO.10 - 

Johnson & Bill Brown PLC 1135% Cuttt 
Prf£1 -107(17Jy92) 

11% Uns Ln S8193/96 - £91% 

Johnson Group Ow ner s PLC73p (Net) 
Cnv Cun RedPrtlOp - 11B (I7jy92) 

JchnaoaMatthay PLC8% Cm Ouro Prf £1 
- 680 (22JyS2) 

Ka£ma Corp Shs or Cora Stk WO - 
Y76S306S 

Kanntng Motor Grata) PLCS%% Cum M 
£1 -51 

Karmood Aopiancaa PLC New Ord lOp 
(A/L-6/8/S2) -276% 7 flfl 

Kappa! Corp o r at ion LdOrd SSI - 
SS7-00Z4 {20Jy9Z) 

Koraa-EuopaRmdLdShsSaiO -$338 
(20Jy92) 

ShSpDR to Bt) $0.10 (Cpn 4 - £1305 S 
336 T7D0 

Kv e arn nr A-8. Free A Shs NK12S0 - 
NK1S6 168/47 16835 160 
B Shs NK1230 - NK102 34 4 385 5% 

Kymmana OoroorirtanSha FM£0 
(Unraatrieud) -FM*43S»HT7M 

Kyowa Sokama Bank LdShs of Cora Sift 
YSO -Y80028.il 

Ladbinka Group PLCADR (Irl) - $332 
(22Jy92) 

Ledbroke Hotels Ld 10%% 1st Mtg Dab 
SBi 94/99 - £90% 100 

LaW Group PLC 8% Una Ui Sik 88/83 - 
£B8f17Jy92) 

Lamont Hdgs PLC10%3rdCumPrf £1 - 
98(17JySB) 

Ladd Sacurttas PLC6% 1st Up Dab Sik 
88/93 - £95% (21Jy92) 

7X% IM My Deb Stk 91/96 -£80 
9% 1st Mtg Dab SQ( 96/2001 -296 
10% i«k% DebStk S037 (Reg)- 
now*. %£2J£2) 

8K% Una Ln SOt 32/97 - ESS X 
(21JV82) 


Lflporto PLCOfd SOp - 540 % 2 % 3 3 7 8 
9 

LASMO PLC 10%% Dab SOt 2009 - 
£103% %» (1?Jy92) 

Latin American Eure Yield Fund Units - 
*9%(21JyS2) 

Lobowa Radnun Mnes LdOrd R031 -14 
02Jy92) 

Leeds Permanent BuBdtag Society 13%% 
Perm tat Bearing £&0000 -£120X 
LffMatjcdwy ai werahta PLC7%%Cum Pit 
Stk £1 - 74 (21 Jy^ 
Laerit(J0M)Propertto* PLC9X% Mtg Dab 
8*92/97 -£06% 

LOyip) 3 CoShs of Com Sft NPV - 
$87.1 P1jy02) 

Untor Ptak PLC1QK% Uns LnStk92/97 
-£8SQ2Jy92) 

Uttar & Co PLCB% Prt(Cum)£1 - 50 
(21Jy92) 

4% Oeb Stk Rod - £36 (20Jy*2) 

UT Hoidtogs PLC937* Cum Red Prt 6p 
-16% 

Lombvd Nodi Central PLC 5% Cura 2nd 
Prf £1 -48(2lJySZ) 

London BeciricSy PLCOrd SOp - £338 
<2fjy92) 

CM SOp (Regd tat Cort-170p Pd) - 298 
7 8 ri5 9 9.15 300 3001 %2 
London taearnadonia Group PLCADR (5:1) 
- $18% (21Jy92) 

Loratn PLCADR (1:1) - $138 

10X% 1st Mtg Deb Stk 97/2002 - £04 
Low(Wm) & Co PLC a. 75% Cun Cm Red 
Prf £1 -112 4 

Lowaptotwt HJ & Co PLCB»% 1st Cum 
Prt El -42(2OJy02) 

MB»C PLCSK% 1st Mtg Deb S* 07/2002 
-£96X (22Jy92) 

H»*% 1st Klg Deb Stk 2024 - £107* 
%8 

8% Ura Ln S* 2000/05 -£90 
10%% Una Ln S* 2032 - E94K 
MHRndtm Group PLCOrd 10p -110$ 
2020 %% 36 3872 1 122 % K* * 9 
%* 

M(AtaJn^taBd)PLjC9%CUmPrf£1 -88 

McOarthy& Stone PLC8J5% Cum Red 
Prf 2003 £1 -34 
7% Cnv Une Ln S0c 99/04 - £39 
(22Jy92) 

McKay Securidee PLCCap 20p -83 
(20JV921 

Malaywa Copkrt Fund LdOidSl - S8X 

(2iJy«q 

MMaysian Smafler Co* Fund (CaymerOLd 
Old $031 - $7* (21Jy82) 

Ma nchester Ship Canal CoS% Perp Prf £1 
-£13(17Jy92) 

Manchester Urttad I 
(22Jy92) 

Mandarin Oriental tatanuttonel LdOrd 
$035 (Hong Kong Reg) - 9H8.161063 
.1073 

Marfa Fund (Cayman) Ld Pty Rad Prf 
$031 -$8K&2Jy6g 
MauSdfl Brewery PLCOrd £1 -070 
Manwab PLCOTO SOp (Ftagd tat Can-i 70p 
Pd) -350 1 3 %37844.1775.1888 

M ede ya PLCADR (4:1) - $13* %(22JyB2) 
Mvchant Ratal Group PLC8K% Cnv Uns 
Ln Sik 99/04 - £57 (22Jy9tQ 
Merouy tato mad oiui ta/ mat LdPtg Red 
Prf ip (Conflnental Europe Fund) - 

Pta Red Prf Ip (Reserve FukQ - 
£403145 pi Jyfl2) 

MM Kern Water PLC4% I 
E37X (20Jy92) 

Mdtand Bsrdc PLC7%% SuboTO Uns Ln 
Stk 83/93 - £98* (21jy92) 

10*% Subord Una Ln Stk 03M - £101 
14% Subord Una Ln Stk 2002/07 - 
£119% (22Jyfl3 

Mtflanoa Boctrictty PLCOrd SOp (Regd mt 
Cert-170p Ptfl -307 8 9 1010 % 1 23 
Mfcaittahi Bactac CorporadonSha of Cara 
8* Y50 -Y434J277 831 313 
Mitsubtad Trust & Banking CorpShs Ol 
Corn Sik YSO - Y7373545 354545 
Monarch Raaouroas Ld 
Non-int8mgCnvULS1983Untta88p- 0* 

1 'A (21Jy92) 

Monsanto Co Cora Stk S2 - S5SX# 3*1# 
Mount Chtttotta ta/eatma n ta PLC10*% 

1st Mtg Dab Stk 2014-£101 X. % 

NEC Finance PLC 13H% Deb Stk 2016 - 
£130X % * *■ (22Jy»2) 

NMC Group PLC7.75p (Nat) Cum Rsd Cm 
Prf lOp -48 (21Jy92) 
NSMP^^pn} Cnv Cum Rod Prf 10p 

National WMmtanar Bonk PLC 7% Cura 


I PLC Old 10p -260 37 


■ Perp Dab Stk - 


prf £1 -as* 

9% Subord Uns Ln Stk 1993 -£87% 
12%% Subord Una Ln Sdc 2004 - 
£114* (22Jy92) 

Haw Central Wt t w a iar ara nd Arose Ld 
R03O - £3* (21Jy92) 

News tnien wi tonet nC8% 2nd Cun Prf 
£1 - 61% (i7Jy92) 

Next PLC7%"A‘ Cum Prf Ef -59(2Uy92) 
10K*B*Cum Prf 50p -47# 

Norsk Dan ASCtaas "B* (Nan Vtg) NK2- 
NK5% B(22Jy92) 

North Housing Assoc Utl ion LdZara Cpn Ln 
8*2019-820 35 
ZtaO Cpn Ut S* 2027 - 212% 25 
B*% Gtd lit Stk 2037 - £84 %, 

North of Engtand Bitting Sactoiy 12%% 
Perm tat Bearing (£1000) - £104* 5 S 
% X 

Northchart Inv est me nt s Ldfi 0.10 - £0-12 
(20Jy9Z) 

Northern Boctric PLCOrd SOp (Regd tar 
Cart-170p Pd) - 323 34 4 34 5 B .18 7 
89 

Northsm Engtaaortag Industrie* PIC7% 

Urn Ui 8*200006 -E70T- 

BK% Uns Ln Sdc 06/93 -£96(17J 
NORWra PLCOrd 60p (Rsgd tat 
Cart-170p Pd) - 340 1 2 4.17 6 8% 
Ocean Wlaona Hklgs LdOrd 20p (Ex-C*v) 
-G0#«# 

OM Court Currancy RsM Ld Ptg Rad Prf 
£031 (Managed Sira) - £10.18 (ITjyK) 
Ok) Own International Reeerve* LdPtg 
Red Prf 10.01 (Staring Shs) - £38.113 
(17JyS2) 

OMary Estates PLCOrd 28p - 8% 8 8* 7 

P 8 O Property Hoktegs LdB% Uns Ln 
Sik 97/99 — fM 

Padflc Gas & Bacata Co Sha of Com Stk 
SS - $33b7813 (20iJyS2) 

Paramount Oowwiud c— ona tacOnni S<k 
$1 - S47X (20Jy92) 

Park Food Group PLCOrd 2p -125 
Paridond TexsSefHkJga) PLCOfd 25p -170 
Paterson Zochonia PLC 10% Cun Prf £1 - 
116* (22Jy923 

Paaraon PLC5.678% Una Ln Stk 88/83 - 


6379% 


(21JyS2) 
8-25% Un 


Ln 8* 88/03 - E92 


> Una Ln Stk 88/93 - £07 C22Jy02) 
8325% Una Ln Stk 80/99 - E9S 


.Una LnStk96/2001 -£87% 
(21Jy92) 

Paei^l^g PLC 10% Cum Prf 60p - 49 

8%%lat Mtg Dab S* 2011 -£88 
<20Jy82) 

539% (Nat) Cm Cum Nan-Vtg Prf £1 - 

Peel South East Ld8*% Ura Ln Stk 87/87 
- ES9 9 60 (20Jy9a 
10% lat MSg Dab Stk 2028 - £87* 
Pentaatiiar A Ortanm Steam Nav Co 6% 
Cun PM Stk -£40(i7JyS2) 

PeriUns Food* PLC8p(Net) Cum Cnv Red 
Prf lOp - 89 92 

Petroftaa S-A.OTO She NPV [Br In Danun 
13 & IQ - BFI0753 68 800 16 43 
PHJerd Gamer PLC8X% Cun Prf £1 -82 
Pl am abrook Group PLC 8.75% Cm Prf 
91/2001 lOp -63 
Ptnignun PLCOrd lOp -40 
Ptokphend (CJ».) Co LdShe $036 (Hang 
KnngReglfltMd) -$H2.719D79 
Porter OnAun PLC 8% Cnv Cum Rad 
Prf 1993 £1 - 80* GH Jyfl2) 
Por tam authASundartand Nawap a poiaPLC 
113% 2nd Cum M£1 -112 (17Jy92) 
Pottfetargnsl Plutauns LdOrd R0325 - 
76(22Jv92) 

Proceaa Syatama IncSra of Com Stk 

moaspjx Hag) - 4% 121 jysq 
Prudential Currency Fund LdPtg "A" Rad 
Prf Ip - 174% (17Jy92) 

Oueana Moot Housea PLC 10*% lat Mtg 
Dab9*2020 -FIDO* 

12% lat M»g(tabStk2813-£114% 

RPHLCI4%% Una Ln Sdc: 


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9% Una Ln S* 9W2004 - £02* (22Jy9S 
HTZ Cerporattan PLC3_329% *A* uun Prf 

»tart0^^5to?PLCADR (1.1) - *10% 

Ranks Houle MoOodflrt PLOW. Cura *A‘ 
Prf £1 - 58% (22Jy82J 
8%% (Ms Ln mwY94 - £98 (2lJy8SD 
8R% Uns 138*91/95 -£S702Jy9^ 
Rsnaants PLCUSp (Ne* Cun S»™ 
123p -99 

RStaera Group PLCADR (3:1) - *031 . 


1-120* 


dtt ACOtatori 


plc e% cun Prf £1 - 


Ractott At 

602 

Recaro Hoksngs PLC 10% Cura Rad Prf 
£1 - 98(17JyS2) 

Repionxi EteoUK/tyCompsntee Package 
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671010620630 

Ragte Property Hktaj PLC6*% Gto Uns 
Ln Stk 1987 - £83 90 

Rantokfl Grovp PLCOrd 2p -130 4033 
37145607 

Rtotananswerth Water 134%-Cona Dob 


Roaebya PLCOrd 25p - 130(20Jy92) 
Roes Group PLCOrd Bp -25 
Rotork PLC9X% Cura Prf £1 -100 
(»7Jy92) 


I Prf Ip - 6865 
Rttateon auira PLCOrd lOp -1189200 

SastM ASaatoMCaPLCOfd29p -1134 

5878 

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6% Cm Una Ln fide 2015 - WS 
Si Uwranea 6 Ottawa Rrfkaay Co4% Sdg 


let Mtg BOS (Cpn 232) - £35. 

Sandaraon MurrayAadarfHWgsJPLC 

10p -905 

Scsmrorta Htogs PLC7 J23p (NeOCrv 

Cum RadPrf20p - 65(20Jy92) 

Schofl PLC8K% Cum Red Prf 2001/05 £1 
- 100% IX (21jy92) __ __ 

5K%CmCura Rsd Prt2005/11 £1-92 
Schrodras PLC8tt% Une Ln S* 97/2002 

SdrnlW ySSm SetacSoo Fd LdPtg 
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Ptgflli'mmi(WorldwideSha) - 
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Scottish Asian tavestraantCo LdWarranu 
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Swateh Hydro-Bararie PLCOrd SOp 
(Ttegd KM CM1-170P Pd) - 198 8 A % 9 
9 %• .4 % X 200 % 1 
Scottish Metrapotten Property PLC «Jk% 

lot Mp Dab Stk 2016 -£M%PfUy«9 
Scontah A Newcastle PLC 7% Cm Oon 
Prf £1 - 1S4 5 (20JyD2) 

Scotueh Power PLC Ord 50p(RsgdM 
Cert-t70p Pd) -181 2 % % 3339 31 
% % 44d* % X 558* 

ScotUah Value Trust PLCOrd 25p — 60 2% 

S«raPLGa75% (Fmiy 12%%) Cura Prf 
£ 1 - 112 # 

7%% Una LnStk9207 -£90(22Jy92) 
SecurteorGreira PLC4A%Cum Pig Prf 
£1 -£ 102 # 

SEEBOARD PLCOrd SOp (Ftagd tat 
Cert-170p Pd) - 306 93510 341 2 3 
.1866 

ShaH Transport&TTarangCo PLCOTO Shs 
(Br)25p(Cpn 188) -468(20Jy92) 
Shaprito Group LdOrd fip - 648 7 50 
Stem Smtoter Campradet Fund LdOrd 
$0.01 -S8{20Jy92) 

Sktaw Group PLC7%% Uns Ln Stk 
gggMW -£87 

Simon E ng in eering PLC8% Cura Prt £1 - 


Stands Group insurance Co LdShs SKS 
-SK889 

Smith A Nephew PLCOrd I0p-139%40 
40 % % 11 K2 

Smith New Court PLC 12% Subord Urn Ln 
Stk 2001 -E92(20Jy9Q 
Srahh (W.HJ Group PLCTr Ord lOp - 78 
(20Jy82) 

Sratmkine Beachran PLCA OTO 123a - 
*0048 K6 7 32% 78 88 3238% 
^8950 90112X3 
SmBhKHne Beecham PLCADR (Set) - 
586% 

SmUhtotae Beecham PLC/SkntthMne 
Beckman Corp EQu/ty Units - 031 406 
7383 %9% 1010 31 12 
SmtthKlno Beecham PICfSmBMOtaeADR 
(1:1) -57833 

SmurmyenaraotgGrouo PLC 8% Cum Prf 
Irtt - |£Dj 425 (17Jy92) 

South America Fund N.V.Sha Cora S* 
$a01 -$138# 

South East Aslan Warrant Fund LdWta to 
tub tor Sha - *1 % (20Jy92) 

South Walaa Boorfdty PLCOrd 60p (Ragd 
tatCart-l70pPd) -3801 12 5 5.186 
.18 7 

South Western Bedrfcfty PLCOrd BOp 
(Hagd tat Catt-I70p Pd) -300300 1 2 
% 3534833.154.165 
Southern Boctric PLCOrd SOp - £331 
3J1Ci7Jy8Z> 

Ord 60p (Rood tat Cart-170p Pd) - 206 
7 7 35 8 % 3.18 % 30030035 K 36 1 
2.15% 

Spayhawk PLCOTO lOp - 8% 

Stag FbmOure HUga PLC11% Cum Prf £1 
-l134(ZDJySq 

Standard Chartered PLC 12%% SuboTO 
Uns In Stk 200007 -£110 
Staring Industries PLC 1st Prf5X% 

Cum)£l -46 

SwonMohn) A Sorts PLCOrd 29p - 370 
<20Jy92) 

Swira(John)A Sana U63% Cum Prt £1 - 
75(22Jy92) 

TSB HB Samuel Bank Hokteg Cb PLC8% 
Uns Ln 9k 8804 - £96 (au«8Z) 

TAN PLC 10.1% Mtg OabS* 90/95 - 
£88% (22Jy92) 

11*% Mtg Dab Sdc 95/2000 - 003 
THFC (Indaxad) Ld53S% kxtax-Unlcad 
8*2020(83108%) -El06% 7 
T1 Group PLCOTO25p -3036888357 
736889101012233 
TSB Git Amd LdPtg Rod Prf 1p(Ctaaa V 
Pto Rod Prf) -98.60 (22jy9q 
TS8 Group PLC10%% SuboTO Ln 9* 
2008 -£103 X (2Uy92) . 

Ti»B A Lrfe PLCADR Jtrt) - SZ7» 


(17Jyu2) - 
WHM* 


ptae tax orodtoChBi ftfrtl- 


• » 3%' 

- 66 % 8 

Taunton Oder PLCOTO lOp -152 * 6 8 7* 
New Ord 10plFWLA-21«92) -14587 
7.07 8 8 9 501 X 2 3 4 5 6 
Tatagraph PLCOrd 10p - 272 2 3 4% 7 
Tosco PLCADR (t:1) - *4.78 (20Jy92) 

4% Una Deep Okie Ln S* 2008 - £58% 
<22Jy92) 

Texaco I ntotn to tonra Fferandtel Corp 8% 
8tlg« Cm GW Ln 3* 81/99 - £118 
(20Jy8Z) 

Thompeon Cfca taraetaianta PLCOrd SOp 
- f29(i7J*92) 

THORN a« PLCADR (in) -$14X31 
Thornton Pacfflo taveetment Ftaid SA 
Warrants to aiA> for eh* -333 (22Jy9Q) 
31 PLC7X% "A* Dob Sfc 89ri2 - £98* 
(21Jy92) 

9% 'A' Dob 3*91/94 - £S7K (17JY92) 
Th wtotor UPaniaO PLCB% 1st Cum Prf £10 
-400 (17Jy92) 

Tootal Group PLC7*% Una Ui S* 88/94 
-E92 

Tops Estates PLC10%% let Mtg Dab Stk 
2011/18 - £97X {21Jy82} 

TraM^ar House PLC7% Una Dab S* £1 

9%« Uns Ln 8*2000/06 -£80 
10X% l/ns Ln 8* 2001/08 -£90 
«0fy92) 

Transfer Tnchnoiogy Group PLCOTO SOp 
-8886 00 80 3 400 
Urigate PLCADR (1:1) - $636 (17JyflZ) 
B%% Uns Ln Sft 01/96 - £88 
Untavar PLCADR (4.-1) - $108% 109 
(21Jy«) 

5*% Uns Ln 8*91/2008 - £70 
BOMB) 

8% Ltaa Ln 8* 91/2008 - £89* 90 % 
Union tato mta onal Co PLC 6% Cun Prf 
B* £1—14 

United Btaxeamp) P1C«% Dab S* 
93/96 - £94 K (22Jy92) 

United Drug PLCOTO «036 -135 

^^r^ PCT,nW, " V,a, 

VSELCmsonken PLC 11% Una Ln S* 

1996 —£989 

Vtoch Hckflnge LdOrt $005 (London Reg) 
-53 

Vitas A Income ThM PLCWOrrants 89/94 
toaubforOrd -S 

Van □toman's Land Co’A-25p -£0.17# . 
Vtad ASShs NK230 - NKB9 (2QJV02) 

Vtau Group PLC4%% A Cura Prf £1 - 
48% (17Jy92) 

7% Cum Prf £1 - 70 (22Jy92) 

9378% Deb S* 2015 -£98X p2Jy92) 
Vlctars PLC 9% CumfTaxRnaaTo 30p)PJ1 
Stk £1 -66 

Vodafone Group PLC ADRfiOrt) - $68% % 
WB Induatrte* PLCOTO 5p -20(20JyS2J 
Wagcta tadustfW Htogs nC73Sii (Neq 
. »W Pip Prf 10p - 128 (22Jy99) 

Wtetar A Staff HUga PLCOTO 5p - 122 
Warburg (S.GJ Group PLC7%% Cum Prf 
£1 - 96 (20Jy92) 

On DM 25p - 201 (22JV92) 
Warner-Lambert Co Com StkSI - £34 $ . 
64X6 32 

WntoManegement taarnatlahai PLCOTO 
lOp - 65S 5 5 7 

Wateigtade Intarn a ttanrf Htdge PLC 7.75% 
Cnv Cum Red Prf £1 -1 (17Jyfl0 

Wwartey Cameron PLC73p (N« Cm 
Cun Rad Prf 5p - 5% 

Waatsm SetecUon PLClOp-1010 
Wtorfemi Grot# PLCVtorranla u sub tv 
Ord-2*031 

Whitbread PLCEM% 3rd Cun Prt 8* £1 - - 
sapzjpq 

7% 3rd CW1 Prf SOt £1 -68(22Jyfl2) 

7% Red 0*03*98/93 -£97%G1JVf 
9*% Rad 0*3*91/98 
5*% Ind Uns LnS* -£ 

714% Uns Ln S* B5/88 - 
10%% Una LnS*2000106 -£101% 
(2Wy82) 

WttacrMl PLC4.1% Cun Prf£f - 43 ■ 
WWta* Group PLCOrd 10p -8(22A9a 
wfiema hubs PLC 10X% Cora pn£i - 
120 (17Jyfej 

WBtoCbrroon Group PLCADR (Sri) - 
$19341935 (afe 
WTOMtem A East DanfaWMar Co43% 

PtPg Old ERk - £1806 (21Jy9a . 

Yorkahta Baaridtir ttoup PLCXJro 50p 
OMgd tat Cart-ITOp Ft* - 342 % 3 4 5 

Young A Ctfs Brewery PLC9%Cum Prf 
£1 -TW(17Jy92) 

Ztnbla Comoldnad Copper Mtaaa Ld-Br 
0TOK10-96 


Investment Trusts 

No. of batgaka inctadad900 


Abtrust Preferred Inc tav Tat PLCOTO Inc 
10p-74(17JyM) 

ABancaTrust PLC4%PrfS*(Cum -EM 
(21Jy92) 

Arakable SmMarEnt a ipnaaa Tat PLCOrd 
2Sp -8* - 

Wts to Sub for (M-22 

BaBu QHTord Japan Trust PuCwts to Sub 

OTO Sha-8073 

8aMa GWord Shift Mppon PLC Warrants 


to Ub for Ord .. . 

Trtbune tovastarant Trust PLS9X% 
OabS*2012 -tm 121MB) 


. I Trust PLCOrd *0.10 

-$03 

WtaioSubtorOTO -WM2 

Brtesh Asaota Than PLC Equates IndaK 


S!WiS?aa®*- 

CLsCtavastraant Trust PLCOrd 2Sp - 

£SRtaM PLCOTO 25p - 3T0 


0 pu*. wo RW ® 100 w 

ggasSJVr^"*, 

15/12/93 - £0 W 



USM Appendix 

no of tjargaSia «Kta0*i3Sl_ 


CtoMtatitrartt W^YWd T$t PLCOTO 

25p - 90 (17Jy92) _ 

CJ^nra KtUa 

eSSSfrr.-SSis-.p- 

- T4 wo.h iaa 
WUtaSttotorOrd -« 

Dartmoor tavasmiant Th« PLClkte 
(Comp 10TOA1 WrtJ(FP>PAL-31/7/32) - 

Drayton t Bk«BChip Trust PLCOrd 2Sp - 72 
ZraoDbWEI -124 „ „ 

Drayton Korea Treat PLCOTO 25p - 64 
Wtato Sub for OTO -13 

sTteSwrnratPLCZeroDfvLJVIg 
Rtohl Pri 25p - 47# 

EFMJapan Trust PLCOTO 25p - BO 


ixac Metsto PLCBflpteO Cun Cm Rad 
w itta - ISO . 

Energy R - COofl ’P - 


91^ Group PLCOTO 5» 

Gamer HemMuroup PlCOm njp Z1 
pffartw Grotto PlC 9% R*S Cteh 
Non- mg w P r.. 3 S.^VK??, 2% 

Cnamwtawma*>n-iPLCOrdTp -ZS 
EiT^raW PLCOTO Sp - 

SSSS®®*"®!. 

Grosvanor torn PLCOTO 10p - 72 

mSut-i.) ,fl p: 74 

Mo-States PLCOTO top - ^ 

Midtend A Scotnsn Rosounraa plcwo 

ICp -jl X %2 % % 

Oever Raaoureoa PLCOTO K0-01 - 


WtatoSub tor OTO -37(22Jy92) 

Exeter Praferrd Capta) tav Tst PLCOTO 

Zero gprfpeb S* 2002 
Ftoeflty Euopaan Vetoes PLC On 25p - 

Wta to Sub for Ord -2S(2UyM 
R(Bi Throgmorton Co PLC73S% Cm Uns 
Ln S* 2003 - £110# 

Hnabuy Smafler Go's Tlust PLC Zero Dkr 
Pit teP —148 

Herring Emerging Mk» tav Tat PLCOTO 
2Sp -98 7 % 

Hemteg Far Eaatorn tav Treat PLCS% 

Cura Prf £1 - SO pi Jy92) 

Ftomtag Inc A Cap tav Trust PLCOTO Inc 
25p -509 

Owning Japanese Inv Trim PLC Wts to 
Sub for OTO-24 4 5% 6 
Frierura investment Treat PLCZaro 
DMdand Prf£l -108% 

Oanraora Vriue Jrweatnwnts PLC Zero 
DMdand Prf lOp - 76% 6 X 
Geared Inc Investment Treat PLCOTO 25p 
-86 7 8(22Jy92) 

Gtaagow taooma Trust PLC Warrant* to 
sub lor Ord -0%(2lJy92) 

Govatt American SmaBar Oo*S TstPLCOTO 
Sp-66%78 

Govatt Strategic tav Thist PLC 10%% Dab 
Sft 2016 - £102% (ZUy9Z) 

Handaraon EoratrenPLC 

UnftrfCompI OTOS12aroCXvPrf) - 93 

OTO5pM.-14«92 -68(201*92) 

. Zero Dhf Prf 20p NL-UOm - 28* 
<2Uy92) 

Handaraon Strata tnvesananta PLC 
Warrants to aub for OTO -BO(22JyS2) 
IAS UK Smrier Compantea Treat PLCOTO 
S«) -768 

Wta to Sri) far OTO -19 (ZZJySZJ 
Lazard Setae* torestmert Trust LtfPtg Rad 
Prf aip UJL Active Fund - £10.14 
Pig Rad Prf aip UJL Liquid Asaets 
Fund -£10(22J*92) 

Lloyds Srerita Oo’a tav Tst PLCPactogs 
Units (Comp IDhrAICapShanO -10! 
(l7Jy92) 

London A St Lawrence t neas anant PLC 
Ord 5p - 111 (22Jy92) 

Morin tad Groan tav Tst PLCOTO 2Sp - 64 
AST X 5% 

Moorgate SmaMr Co's tnc Treat PLCOTO 
25P-104 

Wts to Sub tor Ord -36 
M opjri n Qunfafl Eqritytae Tat PLCOTO . 

wra to . Sub tor OTO -13 


aA02S 

' Forth Group PLCttd 2lto - 

Property Truat PLCOTO 25p - W 

Sn«o Group PLC*3% (N« Cun R*i 
CnvPrfEI-4*(20Jyra 
Stotosorra Of Oorntti PLCOTO 5p - 32 
Totf Systems PLCOTO 6p -43 d*|**V*B> 
URS torernehonai IncShs of Cun S* 
$0.01 - OX . 

Wharfadoto PLCOTO 5p - ?3j22Jy*?> 
Wyeaate Garden Cenvea PLCB-5% Ptal 
OivCutt Rad Prf £1 -l75(2IW»g> 


Rule 535(2) 

No. of parostas tactadad 40 


Aincar Gold PLCOTO Ip-£0390395 ' 
0095625* 

Al England Lawn Teiwte[“Oab- 
01/95 £2000 -£11500 12100 (22Jy9Z) 
Aim Street D r a weriea Co LdOrd £1 - 
£3.15 

Cnv Red 2nd Prf £1 - £7* 8 (21 Jy92] 
Bantays tavasknart FdndlCIJOobal 
tocoma Fuad - £043* (l7Jy92) 

Biocure HokSnga PLCOTO ip - 55 
(20Jy92) 

Cefleach LdOrd £1 - EL4 
Cbannat iatenda Coma (TV) UfOTO Sp - 
£ 021 # 

Gfaats Gtoanere LdOratl -£2% (ZOJySZ) 
DfLSJteansgamam PLCOrd lOp -£2% 
(17Jy*2) 

Dawson Hklgs PLCOTO lOp - £23 
(I7JV92) 

EtamoiredgaPLCOrd lOp -£SX(22Jy92) 
Excbem PLCOTO SOp - £228 
INVesco MIM Britannia tat LdJepen 
income A Growth -£l.l«7*(22jy02) 
jexMgaSnn LdOTO 2Sp - £13075 
(2Uy92) 

KWnwur Bensandnt) Fund Man Japanese 
Fund - $03182 (21Jyff0 
KB Oh Furtd - £1331* (22Jy92) 
tatEquttyGwdrtae - n.882 
Lawrfe Grotto PLCOTO £1 -£171819 
(22JyS2) 

MAGtQuaan^datarW Gold Fund Actutr 
LMte -£lOjSpiJy02) 

Ntenx Petroleum PLCOTO 5p - £0.47 
MdAnptRario PfGOTO £1 -£2 
(17Jy92) 

Naibmf Parking Corp UfOTO lOp - £3% 
Mburyt^acecaurae PLCOTO £100 - 


to, ^ 


:T‘vi 




Newbury Rsoacouras PLCOTO £100 - 
£22S0(T7Jy9S 

PwpearaiptraeyJofJahore GnarMng Go's 


Naw Guernsey Seasides Tlust LdOTO 25p 
-82 


New TlxogmcHtonirest(19839 PLC Zero 
Cpn OabS* 1998 -£B5% (20Jyfi2) 

St. DavWx tave m rneo t Thrat PLCZero Dfv 
Prf lOOp -122 

Scottish Eastern tav Treat PLC4K% CUn 


Prt Sft -£4Q(2Uy92) 

Scottish tamshnant flraat PLC35% Cbm 
Pfd Sdc - £45 (2Uy92) 

ScottWt Nritonaf Treat RLC10% Dab Site. 


2011 - £101 (2U*G2) 

wntPLCVVanants 


to sub for 


Shires tavaanwttl 
OTO - 38 (201*92) 

TR CHy of LondonTraet PLdOK% Dab 
S* 2020 - E102X <22J{y8^ 

T smplaton Bwamtag Mart rs U IT PLCOTO 
2tSp(RPO-T/5«ai - 1M(21JyS2) 
Throgmorton TTOst PLC12 5nmL Dab Sft 
2010 -£118% 

"*WW«»stariHf C»WcW*D(k'‘S*^ ' 

'*'. '2016 £86%’. ■ 5 ' '.TJ - 


Miscellaneous Warrants 

No. of bergslna Included 32 


Banhn Treat tatantadonal PLCPUMftaRal 
to FT-SE100 tadox 300/94 - £TA35 

B^ty*^o 2oe»a Wodd Wta LdA 
. PulWtsRRgto FT-SE100 tadsx 25/9/92 

- £0.02 p2Jy9q 

Put Wta (Srs □) RHg FTSE 100 28)9/92 

- M34 036 036 057 038 037 Ql7 

073 - 

PtA Wta (Srs E) Rag FTBE 100 29)9/92 
—£034031 

PUt Wts (»s F) Rltg RSE 10029W92 

- £0.11 

0)nag FTBE 100 ss/sraz 
. - £00878 004 035 

crown (Srs N) Rbg FTSE 100 3W3/93 
-£1.111.15 (20Jy«q 
Pf.YJte (SIS M) RDg FTSE 100 30/3/83 
-EM2 139 

Put Wts pre N) R«g FTSE 10030093 
- £0.79 


- $80209 (17Jy92) 

OOsboru UK Growth - $2.1588 (21Jy92) 
Pod d tagBn PLCOTO Sp - £0.03 (SlJyflS) 
Ooay Properdas Ld£1 -£i05(T7Jy82) 
'Rangara FoottwR CU> PLCOrd top - 
EB86 

* C Dab Sft £1500 - £1500 
Regent tans PLCOTO 25p - £0.62 0.63 
. Rothadrid Aaaet M an »g e mer it(C>)Otd 
.'Court Major UK Co's Fund - £03492 
puyBZ) 

Saxon Hawk Group PLCOrd £1 - £1 
(f7JyS2) 

SalsatodustrieaPLCOTO2%p -£0.03 
New CM 7%p(2%p Regd) -£0015002 
(22JyB2) 

3Bvam Rhrer Croestag PLC8% 

- Indax-Ltakad Dab Sft 2012 - £97% 

■ (T7Jy92) 

Shepherd Naaraa Ld*A'OTO£1 -£4K 
(22Jy92) 

Southern N a w apa pa r* PLCOrd £1 - £2% 

. 2K 

. Swr 00 Britain L40I Royrity S* Urits Ip 
” —£03 

ThwotaapjariaIJA CO PLCOTO 2Sp - D3 
.Vtadon PLCOtd 25p - £0% 03025 
«HJy92> 

Waatobbt Ld'A’ NoreV Ord 2Sp - £11 
Yataa Bras Wkw Lodges PLCOTO 2Sp - 
El(17Jy9Q 

RULE S35 (4) (a) 
Bargains marked In securities 
where principle market is eutsUe 
Hie UK and Republic of Ireland. 
Quotafion baa not been granted in 
London and dealings are not 
recorded in the Official List 




Arm. Fdaadathm In ASX.99 (20/7) 
Devex AS0.74b 
Idaho Power Co $26* 

McCarthy Group 52 0217) 


cCartln Group 5 
North Flinders Mtaes A&3.9 


Oil Search 30 «j 
Playmates HMgj HS3.703 (20/7) 
Saftpi Ltd 510.75 (21/7) 

Siagapcre Land 150 

Slater CarnmnntcaUans SK261 CW/7) 

WatfieU Minerals 38 

Wang Indl Htdgs H5I2.424 (22/7) 


By Psnnliafafl of ne Stock Es 


CROATIA 


The FT proposes to publish this survey on 
. September 1 1992. 

This is the first survey to be published by 
the Financial Tunes on the Republic of 
Croatia and as such it will generate a great 
deal of interest among our influential 
readers in-over 160 countries worldwide. 
To reach this audience through your 
advertisement and to obtain a copy -of the 
editorial synopsis contact : 

Zeljko Paul Mandic 
Tel: 081-399 8828 
• • Tax: 081-399 7196 


Connie Davis 
TeL 071-873 3514 
Fax: 071-873 3428 




FT SURVEYS 


1 




■»C 0 


a 


MALAYSIA 


The FT proposes lo public Ihh survey on 
t- c . , , _ Aujparf 28 1992. 

.ine rinancial. Times lb the bat ~j 

.ssy? lD “ n, * , “”' 

For more tJaails pieasc eoacaci 

Sarah Faiceoham-Walsh 

Financial Tunes 

■|E«Sfa5» 

i-ax: (8Sg 527-1211 

Samantha Telfer 

. . rutandai Time* 

One Southwark Bridge 

London SE! 

Teh 071-873 3050 
' Fax: 071-873 3595 


AteMra;* 


/wp. EBRs mi 









N 


■r' 




t z 


e.-!c 
i rs 


rra. 
:■» - 




.... V iM AiSL( j^L TIlMES^ WFHKLHN D j ULV 25/J Ui.Y.26 1 992 



15 


LONDON STOCK EXCHANGE 





depress share prices 


FINANCIAL TIMES STOCK INDICES 


Sy Terry . 

UK State* Marie* Editor 

-M'*- - - 

CONCERN*’wer mounting 
tensions nv,jthe Middle East 

dealt a further blow to fragile 
confidence:+on the London 
stock market'^yeSterday. Share 
prices reacted lnore'severely in 
the UK thanmotiier European 
bourses to repbrts at mid-ses¬ 
sion that U& ararahips in the 
Gulf had been-Traced on alert 
after the IJN inspection te»m 
had-left Iraqf. The FT-SE Tnriov 
raffied teford<£be close hut the 
day’sfell.of; 22.3 made a.total 
loss over the two week equity 
trading account of Lfi per cent. 

The session opened ner¬ 
vously .as fall in the 

Nikkei Average., turned atten¬ 
tion back towards the prob¬ 
lems of the Japanese rnwinafc 


Aooqwart.naeHng VeHem 

** 3 — 'Vfl- 

JlK 27 - 

Aug io. 

- Aug 34 

OpOan Pad**—oaa: ■ 

Auge ' Aug 2D 

Sep 3 

LMttodkMt 

- Aug 7- 

Aug 21 

Sep 4 

Aus Sr*" 

■Sop 1.V- 

Sop 14 

Haw tone fraltogi nay Wa ptoua fro* 

Up am aw hi^aia day* aarthr. 


But UK equities suffered only 
minor losses - until lunchtime, 
when a combination of a sell 
programme from a leading UK 
house and the imamtiing news, 
from the Gulf sent the market 
into a nosedive. ' 

With the ..September stock 
index future contract leading 
the way, the market fell 374} to 
2JJ6L7 at the day's low, break¬ 
ing through the £376 support 
line. A slow rally set to l ater 


and the Anal reading put the 
FT-SE Index at 2JTI2. 

Government bonds traded 
quietly, closing just, below the 
best with gains of nearly X at 
the. long end of the range as 
traders continued to assess the 
implications of the govern¬ 
ment’s plans for restr aining 
public spending in the future. 

Dr the equity market, poor 
trading volume remained the 
principal feature. The day’s 
Seaq total of 495m shares com¬ 
pared with 512.9m on Thursday 
when the retail or customer 
component was worth only 
£975m,-stni on the low side for 
a profitable market 

The institutions, which pro¬ 
vide the' bulk of the custom a" 
business .in equities, lave kept 
out of the market this week. 
However, ShareUnk, Europe's 


largest execution only stock¬ 
broker. which deals exten¬ 
sively for private investors, 
said that 60 per cent of these 
clients had traded on the buy 
side last week. 

Traders sounded disap¬ 
pointed by the lack of interest 
in trading for the new trading 
account - which opened last 
night,.and .a further check to 
confidence came when the 
finance director of A ms trad, 
the computer manufacturing 
group, resigned- But fund man , 
agers were preoccupied yester¬ 
day with the close of the Well¬ 
come share flotation. 

Investment sentiment 
remained clouded in London, 
with the developments in Iraq 
providing farther cause for 
concern in a market unsettled 
by economic uncer tainties . 


• Retail, or customer, busi¬ 
ness in equities has remained 
below last year’s dally average 
levels as recession worries 
depress confidence. 

London SE volume 

Turn over by votun w (m3 Hon) 


600 



■My 

34 

July 

23 

Julr 

S3 

July 

91 

July 

20 

Ago 

1393 

Hign Low 

Since Campilaliort 
high Low 

Government Sac* 

89.19 

89.19 

00.21 

8919 

88 96 

84 74 

89 75 
13/7) 

8511 

(1/4) 

127 40 
(9/1/35) 

49.18 

(3/1/75) 

Fixed bitaraxl 

105 JO 

105.78 

105.74 

105.69 

105.69 

93.95 

106.35 

18/7) 

97 15 
(2/1) 

108.35 

(8/7/92) 

50.53 

(3/1/75) 

ORflnerySbere* 

1789.1 

1B0B.1 

1803.0 

1831 D 

1824 1 

1998.2 

2149 7 

[22/5J 

1789.1 

(24/7) 

2149.7 

(22/5/92) 

494 

(26/8/40) 

aou Mm** 

93.1 

936 

83.3 

96.7 

958 

188 6 

1606 

(10/1) 

83.6 

(8/7) 

734 7 
(15/2/83) 

435 

(26/10/71) 

FT-SE 100 Share 

2377.2 

2399.5 

2387 9 

2415 B 

2403.7 

2579.6 

2737.8 

(11/5) 

2377.2 

(24/7) 

2737.8 

(11/5/9?) 

9869 

(23/7/84) 

FT-SE Eurolrack 200 

108840 

1084.87 

1095.41 

1109.52 

1109 13 

1168 01 

1248.79 

(H/5| 

1088.40 

(24/7) 

1248.79 

(11/5/92) 

938.82 

(18/1/9U 

•Old. Oiv. Yield 
•Earning YM Kflullj 
•P/E RMlo(Net)(ft) 

5.17 

7.48 

16JK 

5.11 

7.39 

17.03 

5.11 

740 

17.02 

5.04 

726 

17.35 

5 05 
72? 
17.32 

4.74 

6.14 

IS IB 

Base, IDG Levi Secs isnortfi fata m l®a. W*J 
1/7*35. GOM noe 12/945 Bun 1000 FT-K 10O SirtJ/83 
a nit bwrtratk 200 I6rtlM 15 87 


18.612 20,485 23,163 29.383 


- • 

Bum gaHUy 

Equity Tumaver(£m)t 

. 

976.0 

715.9 

864.1 

950.0 

958.18 


vobane 1891 

Equity Bargalrtst 

- 

22.120 

20.185 

22.239 

24.863 

31.000 

sob-- 

430,575,000 _ 

Shares Traded (ml)t 


490.9 

339.9 

378.4 

387.3 

454 8 


GILT EDGED ACTIVITY 

Indices’ July 23 July 22 


DKBnary Sham Index, Hourly chMOM Day's High 1806.9 


Day's Law 1780.1 


400-^ 


Open 

18068 


9 am I 10 am I 11 ami 112 pm I 1 I pm 2 pm 3 pm I 4 pm 
1601.5 11796.71 11801.51 I17B5.1 1780.1 1785.6 T7B3.6 17886 


Gilt Edged 
Bargains 


136.2 90.4 


FT-SE loo, Hearty changes 


Day's High 2389.0 


Day's Low 2361.7 


300-' 


9 am 
2390.3 


10 am 
2383.8 


11 am 


12 pm 
23818 


1 pm 
2361.8 


2 pm 
23688 


3 pm 
2387 2 


4 pm 
2375 7 


200 1 — 1 _ 1 _ 11 1 

8 10 13 14 18 16 


J_L 


July 1992 


1 i FT-SE Earatreefc 200, Hourly changee Day's High 1094.46 

Day's Low 1064.50 

Open 

1030 am 


11 am 


12 pm 


1 pm 


2 pm 


3 pm 

109X24 

1093U53 


1094.10 


1092.18 


1084.63 


1088.42 


1087.23 


5-Day average 99.0 91-7 

’SE Activity 1974. 

TExcludlng inira-market 
business and Overseas turnover. 

London report and latent Share index- 
Tel. 0891 123001. Calls emerged at 3flp/ 
minute cheap rale. 48p/mlnu!0 at all 
other times 


Wellcome 

success 

claimed 

AS book-building for the 
Wellcome share offer closed 
last night, lead managers for 
the global tender process were 
confident of success. Neverthe¬ 
less, the shares slipped danger.. 
ously 'closer to' the 800 p mini¬ 
mum set fbcihe issue price by 
managers Robert-Fleming. The 
shares closed ‘4 lower at 826 p 
with a hefty l.fim traded. 

Wellcome Tfirost, the govern¬ 
ing charity which holds 73.5 
per cent of the pharmaceutical 
company’s equity, has planned 
to release 33bbf 'shares, or 3&S 
per cent To create a healthy 
interest in the aftermarket, 
and prevent the share price 
slippihg.afteir the sale has been 
completed,, Jnitial orders for 
some 380m to 400m shares are 
consiifered n«^sary. - 

As tr ading ' ffijghfl^ Ftemhlg 
indicated that 'it had received 
orders for-around 350m shares 
with yester^yfs. interest foam 
the US still awaited. Mr lan 
Hannam. who. is biding the 
global co-ordination for Flem¬ 
ing said; “We have to wait for 
final indications but, as at 
4410pm, the-target amount has 
been exceeded. Considering the 
state of thermarkef It has been 
a ph an nm enw? yji tp y prrHiTrt -". . 

doubts' 

the 33&m -sbares and 'some 
small'selling In'London, on 
behalf of -a- US- client who 
wanted to^uy* American 
Depositary^, 'Receipts knocked 
the market jincb.' However, 
early -positive cotament by the 
head pf investment at Legal & 
.General heb^septimenf, and 
it appeared r that;UK institu¬ 
tions were finally showing 
their hands. 7 . - : . - 

■ ' . f : .- . - . 

Amstrad'Surprise 

News of another resignation 
from the board of Amstrad 
came just a few minutes ahead 
of the official close, giving 
traders' little * time to react 
Dealers said they expect- the 
shares to open-sharply lower 
on Monday, possibly around 
23p to 24p, after the market has 
bad time to assess the latest 
developments. “Amstrad is 
seen as an nnmitigateri disas¬ 
ter,” said one electronics spe¬ 
cialist who added that no more 
news would be- forthcoming 
from the company ahead of its 
results in October. 

What little "activity took 


place after the news was on a 
small scale and left the shares 
off at 28% p.-. Turnover 
reached 32m shares, with trad¬ 
ers taDdng'of seme large deals 
booked after the close. . 

Analysts were dismayed at 
the resignation of Mr Peter 
Thoms, group finawriaf direc¬ 
tor* The news came only a day 
after Amstrad revealed that its 
losses for the year end-June 
will be around £25m more than 
previously expected, or in the 
region of £65m_. 

Earlier this week it was 
revealed that corporate ftnanro 
director, Mr Ren Ashcroft, was 
leaving, to head up Betcom, 
Amstrad’s 71 per cent owned 
telephone manufacturing sub¬ 
sidiary. -■ ■ '■ 

Shell downgraded 

Shell suffered heavy selling 
after UK analysts dissected 
second-quarter results from US 
oil giant Exxon, focusing on 
the poor performance of 
non-US refining and marketing 
earnings, which fell "by around 
two .thirds compared with the. 
■first quarter. 

County NatWest lowered its 
forecast for Shell’s second 
quarter . current cost net 
income from £$2Qm. to £47Qm 
compared with the £952m it 
reccntied m the first quarter. 

Shell closed 9 weaker at 458p, 
having, touched' 454p earlier in 
the.session. There were also 
stories that one af the big Japa¬ 
nese brpking housea had been 


recommending a. switch out of 
Shell and into British Gas. 

ICI easier 

Anyone who had spent just 
over a year on a desert inland 
and was ignorant of Hanson’s 
£24Qm investment in ICI would 
have been none the wiser yes¬ 
terday. On the moming n “of 
Smith New Court's initial mar¬ 
ket raid In May 1991, for Han. 
son, the stock stood at noop. 
This stake was sold in May this . 
year, for a reputed 1400p a 
share. Yesterday, the shares 
dipped below UOOp for the first 
time since just before the deal, 
losing 18 to 1098p. 

Smiths’ chemical team, 
which has had its teeth into 
ICI for many months, refuses 
to let go. The house has 
steadily reduced its 1992 fore¬ 
cast from around £l.lbn to 
£750m and believes the inter¬ 
ims next Thursday will pro¬ 
duce only £430m. The house 
recently suggested the shares 
would be worth picking up at 
the current price-but, because 
of the poor state of the London 
market, it is now believed to be 
content for them to drift off 
another 50p. . . 

A Kleinwort Benson sell note 
hit General Accident, down 5% 
at 363p, while worries about 
Guardian Royal Exchange’s 
life assurance book saw the 
shares, badly hit at one point 
on Thursday; dip 7 to 110'on 
heavy turnover : of &8m. „ 

Lasmo closed a busy week on 


NEW HIGHS"AND LOWS FOR 1992 


mmmomn.---- 
BHA BO TVS En twtrt nw nL Water TV. 
■anu m metal FORMMa m Mom* 
Aahby. STOKES ft) Bam, MNM.|ty Mount 
Wigg a*a . 80H»O*nfla. '.. 

NEW LOWS (MIL 

MOTMH RMBStl] Ex 13%jic *2. BREWERS 
IDBnun<SBuniKn*t.PiillifSrA. 
Qrand Mat. MgMands. Wotv ftOutflay. 
BUSJMMQ MATOVALS (12) BMS8. Capa. 
Epwto. Ewed Bartow. H apworai, Ite ywooa 
Wlfcrm, Do O' Pf, tostbefc Johnsan, Oo 
Wta. Mayor. Tontiac. VMaalay, BUSKKSS 
SHtvices O) BNB Comae, Carp Barvtcaa. 
CHaoCJU&ffl CourtaoMa, Ella ft EvamrtJ. 
ICL Laigll totia. COmLOMBUies ft) - 
cnHflngioa. COKrTMOSM - 
comnwenoN nu Amec. BmMi. 
Cowitnadda Propa, Q laaian [MJ), Woo* 
a HHL unay. McAlptna (ALProaUng. Tow 
Hba. VlbroptaiS. Waattuiy; Waon BowOaii, 
SLECmCALS (1) Oxfcwd Inatra. 
BLECmOMCa (4} LmJeon. Molynx. Paak. 
Plan. MM—n S W Kg W O KF S C l (1) FR 

IIWIWMin nnsHAL (4)888, Batocti 

MS, BraraaaiMa.t«BMr (TLVOOO 
MANUFAClUtSKl (1)8aekar. POOD 
ItETASMe d) AKSay, Bralca Snia. HEALTH 
• HOUSEHOLD « Haona. HaaowoaO. 


London ML ML Lafcix. Usybam. HOTELS 
» LBSURE M Chnaalla, Euno Diana/, Ex 
Lands. Rrat Lata, Frlandly. Wbaitdala. 
INSURANCE BROKERS (1} MOOT. 
INSURANCE COMPOSITE ( 1 ) Qanaral 
AocMM. SIVXSTMBfT UIUSTS (MJ MEDIA 
44 Aeats, City of London, Lopm. UERCHAin 
BANKS (1) CtoM Brea. IETAL A METAL 
mWMB IO CT ApoBQ Matala. AU\ 4 Lacy. 

BrU StaeL MSSCBXAMEOUS (1) Wasta . 
Mann MOTORS gq Cewa al a. Lucas, QfL 
A BAB t*> AWvm.LA8MO. North 8aa Aa a ata, 
OTH ER WNAW CI AL P) Ha n da raon Adma. 
tw»y 4 sima. enn brnwhhal 

MATERIALS (3) Expamat, VlnWt. Watoa 
BMka. PACKAMatd. PAPER * PRtHTINQ 
» Fairy PtoSartno. StafPlus. PROPERTY 
ft) CMW. Cabra Ui, QrayeoAL HamBra 
CowwyaiUa. UoMow, Property TAt ScoRMi 
MaMp, SouUianO Prop WN, TWm Canlra, 
Watas Ctty el Loo. STORES [71 Ataoo, 

Austin Raad N/V. Courts, Hughaa (TJJ. In 
Shopa, Ubarty, Smlni (WH). TEXTILES P) . 
Uatar. Sirdar, Utd IMferra San*. 
TRANSPORT JR CUrtaon |H), Nor**, P 
ft O Cv PE SaaflaM. MMEB p) Oa Bear* 

Li* Unha. Qaoeor. Qraanwkfl Raa. KaUa 
Mhwrals, MaHngnRes. Kflnoieo, Plateau, 

Stfi AMcan Lino. 


RISES AND FALLS YESTERDAY 


British Funds......._ 

Other Fixed Merest- 

GomnercUI, (odustrUl— 

Financial & Property- 

Oil & Gas-:.. 

Plantations-....- 

Mlses__ 

Others^;--—-- 

Totals _ 


On Friday 


On the week 


Rises 

Falls 

Same 

Rises. 

Falls 

Same 

33 

3 

46 

135 

131 

. 144 

A 

0 

11 

18 

12 

45 

... 102 

440 

897 

658 

2.436 

4.097 

26 

281 

486 

281 

1354 

2,334 

- 10 

12 . 

64 

59 

95 

276 

0 

0 

9 

0 

2 

A3 

22 

32 

95 

143 

157 

-445 

. . 19 

42 

81 

170 

189 

332 

216 

810 

1.689 

1,464 

4376 

7,716 


a thoroughly depressed note. A 
series of selling raids, only 
partly arrested by highly 
encouraging exploration 
reports, kept the shares on the 
retreat all week; yesterday 
they fell again, closing a fur¬ 
ther 8 lower at U7p, after a low 
of 11314P. 

The shares have slumped 
amid worries that the group 
may pass its interim dividend, 
when the figures are revealed 
next Wednesday. They were 
also damaged by fears that the 
company may be dropped from 
the prestigious Footsie list of 
top shares. 

Yesterday Kleinwort Benson, 
the influential London broking 
firm, lowered its net asset 
value for Lasmo to 207p. Other 
London analysts are thought to 
have chopped their asset val¬ 
ues in recent days, with some 
said " be much lower than the 
Kleinwort figure. 

BP held at 206p against a 
very weak equity market, with 
the shares propped up by some 
determined buying interest, 
said to have -originated in the 
US. Big overseas buying, espe¬ 
cially from Switzerland and the 
US has been a feature of trad¬ 
ing in BP in recent sessions. 

Greene King lost SO to 467p, 
as its bid for Moriand (down 41 
at 420p), failed, resulting in 
acceptances of only 45A5 per 
cent 

Bass slipped 17 to 522p on 
good turnover of 2 . 1 m, follow¬ 
ing a report that broker Caze- 
nowe had cut forecasts. 

Food services and distribu¬ 
tion group Albert Fisher closed 
unchanged at v 39p, bat turnover 
was a hefty 4.4m in reaction to 
news that Mr Tony Millar, the 
executive chairman, had 
resigned. The company said 
overall trading remains in line 
with expectations. 

Northern Foods fell 9 to 580p 
after the chairman told the 
annual meeting that the group 
had seen no improvement. 

Mirror Group continued to 
attract support, adding 3 at 72p 
on heavy turnover of 11m. 
However, suggestions that a 
stakeholder would be revealed 
shortly after the dose of trad¬ 
ing proved unfounded. 

Middle East worries 
prompted a decline in some 
transport stocks. British Air¬ 
ways fell lOto 248p, while BAA 
eared 12 to 630p. Inchcape fell 
19 to 392p. after Hoare Garnett 
cut forecasts. 

News of an order worth 
about £500m from Canada for 
50 EH101 advanced technology 
helicopters boosted Westland 
by 4 to 108p. British Aerospace 
continued in the doldrums, the 
shares losing another 7 to 192p. 
The dutch of downgrades In 
Lucas Industries continued to 


COMMODITIES 


WEEK IN THE MARKETS 


Cocoa market in better heart 


THE COCOA market ended the 
week in good heart after nego- . 
tiations on a rfekr international 
market agreement ended in 
Geneva yesterday with dele¬ 
gates expressing mild opti¬ 
mism about the prospects for 
accord between producing and 
consuming, members -being 
reached at the next round of 
talks in November.. 

No attempt was made to dis¬ 
guise the pancity of concrete 
'progress at the three-week ses¬ 
sion of the International Cocoa 
i Organisation, which was meet- 
; ing under the auspices of the 
UN Committee cm Trade and 
Development, At-the final ses¬ 
sion producer' and consumer 
delegates highlighted differ¬ 
ences over prices support tar¬ 
gets, limits ou amnniits with¬ 
held from the market and 
financing. 

; But there appeared to be a 
feeling that the way had been . 
prepared for more positive 
progress. Tn the next round 
talks on November 2-13, it 
should be possible to complete . 
our work and have an agree¬ 
ment which is acceptable to 
both producers and cons mu- 
era." said Mr Jan van Skds- 
veld, the consumer spokesman. 

Market reaction.to such lim¬ 
ited progress was understanda¬ 
bly muted - the September 
delivery cocoa price.at the Lott 
don Futures-' and Op* 5011 * 


Exchange rose £13 yesterday to 
£612 a tonne.. But that was up 
£33 on" the week end £57 above 
Tuesday's J low in a continua¬ 
tion of last week’s setback. 

The raBy had initially owed 
more to the absence of pro¬ 
ducer selling than to buying 
interest, and it was fed by the 
triggering of stop-loss selling 
orders: ‘In ' the background, 
however, was concern over a 
strike by Ghanaian cocoa 
workers and dry weather in 
the Ivory Coast, the biggest 
producer. 

At the London Metal 


UHWAMHOUn ITOCXI 

(Aa at Hiuitdaiy'a rioae) 
tonnes 

AlwnlbitMi . 

+ 10^26 to 1.321.850 


-■W8S0 

>0 256,975 

Lead- 

+2.060 

to 147.200 

Mckd ' 

+ IJ30 

U 27.638 


+2.175 

to 838.725 

Tin- 

+ 275 

to 14.688 


Rgftfrgng B all base metals con¬ 
tracts were ahead on the week 
until most suffered setbacks 
yesterday. But alu m i n i um 
defied a further large rise In 
exchange warehouse stocks to 
move, on .to a 3/4-month high 
with an SLL50 rise to 9L337.50 
in the position, up (28 on 
the week. . 

Dealers said yesterday's rise 
resulted mainly-from specula¬ 
tive activity,- fuelled by the 
operation of stop-loss buying 
orders.. 


Zinc had a schizophrenic 
week after being unsettled by 
Monday’s announcement that 
the London Metal. Exchange 
was again monitoring the mar¬ 
ket closely because of concern 
about a developing technical 
supply squeeze. The cash price 
fluctuated in a $40 range a 
tonne before closing yesterday 
at $L34&50 a tonne, down (9 on 
the day and up $2 on the week. 

The mid-week rise to 
gl.362.50 a tonne led to 
increased pressure for the LME 
take action to bead off the 
squeeze, as it did in similar 
circumstances last month. On 
that occasion it set a limit on 
the oneway “backwardation" 

(cash premium) but so far the 
renewed squeeze, has not 
moved the market out of the 
normal “contango" situation, 
where the cash price is at a 
discount to forward positions. 
The present squeeze, like the 
last, has been attributed to pro¬ 
ducer. support operations, 
which some traders allege are 
“concerted". 

Signs of a developing supply 
squeeze also lifted prices on 
the lead market, where the 
cash position reached a 12- 
month peak of £34fL50 a tonne. 
This was linkpri to nervousness 
about the expiry of the labour 
contract at Corainco's Trail 
smelter in Canada at the end of 
September. Repots of Chinese 


buying were also supporting 
the lead market in mid-week. 
By yesterday’s dose the cash 
price had retreated to £342 a 
tonne, but that was still £17.50 
up on the week. 

Last week’s sell-off in the tin 
market continued on Monday, 
when the cash price dipped to 
16,710 a tonne, as reports from 
Kuala Lumpur that the Chi¬ 
nese had sold as much as 54X10 
tonnes following the preceding 
run up continued to affect sen¬ 
timent But later talk of Chi¬ 
nese shipment delay's contrib¬ 
uted to a strong raBy that left 
the cash position $197.50 up on 
the week at $7,015 a tonne, 
despite being trimmed by $105 
a tonne yesterday. 

The platinum market ended 
a hectic week little changed. 
Concern over the South Afri¬ 
can situation pushed it up to 
$390.75 a troy ounce at one 
stage, but that-faded in mid¬ 
week and the downward reac¬ 
tion was accelerated by the 
announcement of the invention 
of another palladium-based car 
exhaust catalyst, although the 
threat to platinum’s dominant 
share of the catalyst market 
was palyed down. The price 
dipped to $377.25 an ounce but 
at yesterday's fixing was back 
to $38035 an ounce, down $3.15 
on the week. 

Richard Hooney 



TRADING VOLUME IN MAJOR STOCKS 


VoMM CtaUeg D*r > 
com Plica dangt 
.S us -W Cn»l 


ASHA OW-nooa 241, Coawan- 

-2XD 2U -2 Corn*** -_ 

AJMrt ROW - X 

ANad-LyOn* --- 2J00 E14 -6 


STfffcr: 




1200 28>, -«i Una*- 

AagSan WOar- 1,100 *00 -I Fwm iFwi 

Aran_ 22 S 221 East MWRM BacL _ 

M Gw-AMI 3*1 “J% Eng CNm Clays — 

A/joWggaa-Ijm 214-3 BxttpriwM- 

**».&*. Foods_ V * 02-1 gmmiUM — 

An. Brrl Parra-B 223 -1 00- 

BAA__KB BSD -12 FtaeM- 

BAT mu-- 2.003 712 -S FOCM —. 

BET_ 2.000 m till Goa Atdom- 

BKC_— ISO 2B1 -1 OmnlSid- 

BOC-UMO OB -I Glaxo — 


1992 

Equity StiaresTraded 

- •’ 

tkt5bias&&Owei^snaikMffl' 


Bn aids. 
BT . 

BT Km _ 
Bin.. 


OlynwalU.- 


- 15.003 207 

_Ol us 

U00 3*0 +1^ GnMtUat 


-U00 259 * 2h &JSA 

-5700 *23 —2 GflE- 

Bank of ScoBand .— 1JD0 MB GKH—.__ 

Bndai* - MOO 307 -7 Guam - 

Ban_2.U0 SB! -17 ISaC(7SpaM_. 

-0 Uh Um aafaan "A* _ 

- 838 IS ,1 Hanacm 






wjm 1 



_30E 385 -12 HawWwwn_ 

- L200 08 -11 Hamsom CroMa.. 

_9*7 733 -I ..... 

— MOO IK -7 Ml 


on 

- 351 

- *S8 
. LOOO 

- 25 

- m 

1.7D0 

3200 

1 J 00 

2.100 

.201 

-33 

..821 

3. KO 
L300 
1.800 

4. T00 

xm 

- m 

. 03 
3.000 
. 141 

a m 

. 3)4 
3jn 
7S00 
— IB 
MOO 
l.*00 


CWMg Day, 

Pn change 


VOuneOwg Day's 


305 -G LCPC 
57* +9 Wmob . 

H9 -« Uana&f 
278 -4 
288 -8 
444 -j tfatWMB Ban* . _ 


HormD . 
paaraan 
PIG . 


3B3 -5*J 
225 41^ 

705 -1 
202 piungon _ 
Z3B PmwOen —. 
427 -11 Pnxwcral 

USB -HI BHU- 

II* -7 flMC — ... 


1.140 

.341 

1J00 


317 -is neal 

32S -e Han* Orn - 

25B -1 HaOua 3 CoMian .. 

Reotand _ _ 

MMtaL . 

Hanwdi 


DOT: 

Pnta 

map 


MT> 

tox di 



+2 

SB** Timapwt . 

.lino 

*st - 

. - *200 

» 


SMa - 

-. 259 

630 - 

.. 1.000 

»B 

- *i 

34auQflE*a 

- 7» 


... as 

26* 

- 1 

SmmlWJOA 

i.wo 

570 - 

-sa 

34* 


Sown t Nwto* .. 

:.k» 

138 - 

» -- 4 100 

US 

-2 

SmKl Bwhani 

UOO 

448 - 

.763 

302 

- 7 

SmW BMCtoCi UK 

. .BBS 

*09 

_712 



Smantlnas . .. 

*38 

271 + 

1900 



SouMrnEMa 

467 290ly - 

22 W 


- 4 

Saum Ham Baa 

IB 

UA - 

w 

67 

-7*7 

SoJUiWMWmr . 

- 2 .*M 

*03 - 




Scum wan Eho. 

391 

300 “ 



-Q 

Sflulbvn Water . 

an 

3B5 - 

.... 1200 

US 


Standard Ouru .. 

. .81 

442 - 



—fj 

Stoahoiaa . 

_ 113 

119 - 







1500 


-ii 

TBN ... 

_ 710 

136 

--- LO 00 

fl* 

-2 

H Group .. 

. 657 

308 - 

1.600 


- 4 

1 S 6 . -- 

1*00 

138 * 

... 7803 

330 


Tarmac-- 

A500 

" 




Tua & Lyta_ 

2S1 


.... 125 

4CS 


Taylor Woodraw 

— Ml 

59 


Wh -lb 
IBV -b 
125 


127 *4 HfUMS ... 

234 -2 RDKADyca 

-IB fWMitM_ 


. 3200 
. 523 
. SR 
. tJOOO 
. 3.BOO 
. *09 
. 1.300 
- 3000 
. 101 


551 -4 
90 *4 
«S -8 
*37 -IB 
148 +1 
Kill -19 
143 -2 
DM -1 


Thamaa mm 

ThomEM . _ 

T*i*n -- 

Trawgar noun . 

UtusaM . 

UUnv__ 

iMadBoaaa.. 
un 


.. 987 421 - 
_L0M 790 - 
. _ 381 4SS - 
.. 3«0 53 - 

. - 525 21 * + 
... 988 831 - 

.... 715 321 - 

... Ufi JB2 - 
-. 3900 914 -t 




Caw< .. 
Carton Conn*- . 
CoatalfiyaBa . 




-h 


. liDO 

3B2 

-M 

ByiBV fluiM _ 

1200 

176 

-2 

Mamma CSC] 

-. 8 * 

*87 



-i 


- 1200 

443 

+ ? 

Royal Btsuranca - 

. T.OH 

1B0 

- I 

Wnacom* . . 

. 1200 

IPS 

22)000 

S3 

-ib 


73 

634 


Stacty .. . . 

126 

118 

+3 

Maim Mato - 

.. . 374 

432 

- 42 

as 

-l 


4500 

17? 

-3 

Sairobuy . 

-SOU 

444 

-4 

Wsbooi Waur . 

.... 238 

488 

iff) 

6*1 

-s 


717 

384 

— 1 

ScndlUtiHew 

1.000 

432 

-s 

WhHdrtad 'A' .. 

_B33 

405 


.-Mil 



1*8 

537 

-3 

Sox Hyde-Box 

112 1961, 

-2 

WttlMTB HId(p 

.. 1500 

2S7 

-2300 

sS 

+2 


.454 

338 

-1 

SdontehPnnr 

1.700 

W 

+ 1 

wmaCorrooa - 

-- . 281 

207 



+ 1 


1200 

343 

— 1 

Soere . 

1600 

76 

f! 

Mbimv - 



*7 

180 

♦ I 

LJmto Boa 

5*00 

409 

-ii 

Sfid(»Oi . 

— Ill 

U3 


WoHeMy- 

.. . 43 7 

313 

2 S* 

STS 


u»b 

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in 

-Q 

Smaoaro.... 

.. 149 

310 

-3 

rixtoNiaEhd 



- liOO 

172 

-1 

London Sad. — 

_437 

29* 

-4 

Sown Tuku Wnsr 

-.576 

38* 

-6 

YorurWt Wear 

_633 

442 


Baaad mi Um nobn vobma tor a Mlecrion of Alpha aaeurwa aaall through tha SEAQ system yesterday until 4J0pm. Tradaa ot on* million or 
more ara roundad down. __ 

EQUITY FUTURES AND OPTIONS TRADING 


dog the shares which shed 3 to 
99p, though traders reported 
buying at the lower levels. 
Turnover reached 4^m 


MARKET REPORTERS! 

Joel Klbazo, Colin Mlllham, 
Peter John, Stave Thompson. 

■ Other market statistics, 

Page 11 


INCBEASED tension in the 
Middle East and continued 
nervousness in the London 
market as the trading account 
drew to a close, provided the 
background for a retreat in 
stock index futures, writes 
Joel Kibazo. 

Having opened at 2,415, the 
September contract on the 
FT-SE Index saw early selling 
with dealers focusing on the 
heavy foil in the Tokyo market 


overnight. A spate of bear 
dosing inspired a brief recov¬ 
ery before the worries over the 
Middle East brought out sell¬ 
ers again. The contract had 
fallen to 2^68 by lunchtime, 
and had pulled the rash mar , 
ket lower. 

Then, a firm opening on 
WaD Street and belief that ear¬ 
lier foils had been overdone 
helped the contract rally. Sep¬ 
tember aided at 2,384, down 


38 on Thursday’s close and 
around 10 points below Its 
estimated fair value premium 
to cash of about 18. Turnover 
reached 8,908 lots. 

Traded options remained 
doU. Turnover of 20,894 con¬ 
tracts was well below the 
30.000 break even leveL Some 
8,303 contracts were dealt in 
the FT-SE 100 option. BTK was 
the most active option with 
total of 1,639 lots transacted. 


BENCHMARK GOVERNMENT BONDS 



Coupon 

Red 

Dele 

Price 

dienge 

YMd 

Week 

*90 

Month 

ago 

AUSTRALIA 

wxooo 

10702 

109.7979 

+ 0J67 

8.54 

678 

684 

BELGIUM 

9.000 

06/01 

100J2000 

-0j050 

696 

684 

834 

CANADA* 

6.500 

04/02 

1056000 

+ 0.050 

702 

7.88 

623 

DENMARK 

9.000 

11700 

962500 

-0.120 

929 

617 

9.12 

FRANCE BTAN 

6500 

03797 

966679 

-OJ281 

939 

930 

9.03 

OAT 

aa* 

11/02 

963750 

-0 575 

604 

697 

679 

GERMANY 

(LOGO 

01/02 

964200 

+6070 

607 

639 

602 

ITALY 

T2.000 

05/Q2 

91.9900 

-6640 

16S5T 

1337 

1620 

JAPAN No 119 

4.800 

06/99 

963175 

+0001 

613 

536 

SSB 

No 129 

6.400 

03/00 

107.6590 

-0.125 

6.01 

618 

533 

NETHERLANDS 

6JS0 

02/02 

B60600 

-6050 

037 

BJ7 

632 

SPAIN 

11800 

01/02 

Raropo 

4-6300 

12.59 

1135 

11^*2 

UK GILTS 

10.000 

11/96 

102-09 

. +0732 

933 

930 

9.27 


9.750 

06/02 

104-10 

+ 1/32 

9-08 

9.10 

935 


9-000 

10/08 

100-30 

+3/32 

689 

692 

610 

US TREASURY * 

7-500 

05/02 

105-13 

-5732 

674 

690 

723 


6.000 

11/21 

105-02 

-7/32 

7J57 

7.67 

788 

ECU {French Gwrt) 

6500 

03702 

B&JBQ0Q 

■6100 

8.48 

622 

695 


FT-A INDICES LEADERS AND LAGGARDS 


Percentage changes since January 2 1932 based on 
Friday July 24 1992 


London dosing, 'dsnotas Now Vortc morning session Yields: Local market standard 
T Grata annual yMd (including withholding tax at 12.5 par cam payable by non-resi- 
dema.) 

Price*: us. UK In 32nda. othore In dadmal Ttchnleal Datm/ATLAS Prtca Sourcn 


Water. + 25.47 

Food Retailing..+ 1245 

Electronics. + 1222 

Electricity. + 9.38 

Motors.- + 7.70 

Banka.. + fl.74 

Other Industrial Materials.+ 5.68 

Texdlea -_ + 294 

Media_ + 243 

Packaging, Paper ft Printing.. + 1.30 

Engineertng43enaraJ.. + 0.53 

Other Groups ..-.+ 0.20 

Sures ..----- 0.22 

Brewers ft Distillers. - 0.22 

Capital Goods-- - 0.39 

Electricals.. - 1.69 

Telephone Networks__— - 1.87 

Merchant Banks..- 209 

Industrial Group..- 211 

500 Share Index .—. - 3.03 

Consumer Groups. - 4.14 


All-Share Index —. 

Food Manufacturing__ 

Financial Group.. 

Transport —.. 

Chemicals... 

Insurance (Lite}... 

Engineering-Aerospace.. 

Investment Trusts. 

Conglomerates ... 

Metals ft Maul Forming. 

Hotels ft Leisure.. 

Building Mate rial a. 

Business Services___ 

Health ft Household. 

OH ft Gas. 

Insurance (Composite).. 

Insurance Brokers .. 

Contracting, Construction. 

Property.— 

Gold Mines Index. 


4.24 
4.77 
5.76 
597 
5.98 
6.13 
7-25 
733 
8.35 
8.67 
972 
11.15 
11.96 
14.03 
17.54 
18.60 
22£5 
2373 
27 68 
32-49 


EDUCATION! 
FOR 

INDUSTRY 


The FT proposes to 
publish this survey on 
September 22 1992. 
The weekday FT is 
read by 104,000 UK 
businessmen 
responsible for 
making personnel 
and training decisions 
who will show a 
particular interest in 
this survey.* 

To Teach this 
important audience 
and other decision 
makers worldwide, 
please contact: 

Sara Mason 
Tel: 071-873 4129 
or 

Sue Mathieson 
Tel: 071-873 3149 
Fax: 071-873 3064 
for editorial synopsis 
and advertising 
information. 


Data smart:* BMRC Budnesnmm 
Surrty 1990 


FT SURVEYS 


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FUBTHEK INFORMATION 

| Flfsw »rtid w rlrlaih nf hTi'lijhw [mrr™uiatt*L | 


Naur. 


| UrpmtKjttnn. 


Addin*. 


had I'odr 


FT:S7«IJ i 

FT CrtyDu* tatannilwwli > 

IS! Jcnay* Surti, London, SW1V 41U. | 


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AUTHORISED 
UNIT TRUSTS 

tat Cm. Bid Otf*r*«rTWi 
Cbrgr Puce Prta Pitta - V* 

AJB Unit Trast Nninn Limited QOOOIF 
SI Benton !tt Uifc-q* Midai UB8 lRZ0845£fW83 
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AIBGmhaidC.li 3 7440 74 11 7bAO«OUkU 
aiBGrefurd Japan 5 92.bZ *3 66 Wblt-LnwOO 

AMey Unit TW Kttgn (1000IH 

WHMwmurnRd BttrwnobSb 03*5 717373 

GUUSFflnllrrt.. «.|120J 120 3M 127 S|«0 1|8 U 
hi*i Inc Lanin Jim 117 7* 125 21-0 2ft 74 
WwiawrdeBand bl 215.0 215 0 227 91-0 316.24 

Cttrttil Growth 

Anterior Grewii ft 185.7 1B5.7 M 6 * 

AdUaPtcilK. 6 13a 6 1346 143 9 -32111 

AoeuAErtmnW b 1711 1711 LM-?-”*” 
Cuttil Ibsen* Act D 1168 1168 114 8 7 69 

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Enmdlj A Energy ... b W** *0 95 W 18-0 a 1.21 
l>W!Er*mr» t MW MW b4 44 

Et.roCsi.UiAu - 8 86 Ob 8b 06 CM 

EvcuxUllK . ««!»«» 8721 

General b IMS liftB 169 B 

Japan 6 65 50 6550 70 05 

Maueturo: 6 8163 BI bl 6. JOi-vastt"; 

UatrowtfrAcr . 6 152# 160 A 170 6 -02U16 
UKGrowUiO.a 6 96 22 1013 107 7 -0 1 R ’- 
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hnenUlKral 6 56 06 56 92 60 55 -0561139 
Omdtnd A Cmu b 43 JO 44 47* 47JO -0 Ob 6 J4 
GlobJlGMbASe-: 6 53 98 54 27 57 731-014(5.77 

AUerforth Unit Trust Managen Ltd (1600JF 
IbUmbSl. Ed<abardiEH3 7U 0312200733 
Uh Small Cm OQOHO 10500 110501 I - 

Uhtrust Ualt Trust Monger* Ltd Q20WH 

10 Quere'. render. AbeOeec ABO 10J D8D0 83 

brwlM 56 29 39 29 39 31.08-0 06 
£i .0 5.155 50 55^5055 *001,. 

E-rerwoe 51, 64 37 e4 37 6844 -037 100 

UnZolwt** 51. 64 66 W 66 68 67 -031 1 95 

Eipvm 1 7282 728 2a 750.0 -1.2 a 04 

EilMlPConv S'. 31 10 34 1093739 -OJJ 6.64 
FarCm Ero^E™ 56 51 83 51 839 55 75 -MO I IS 
Rind inrSi S'. 15 60 lb-18917 28 -Oil II48 
Fund InTd ..5 1027 106 4 113 5-O J 1 M 

Fund in Tsl 4cc 5 17P 1 176 l 188 0 -0 7 Lta 

JjKjn S'. 106 6 108 6 1155-22 000 

PiilK 5k J4 09 34 20 36 63-3 65 053 

Proem, Stare 5k 33 76 35 26*37 64 -005 289 
LPCreptb.. 5k 31 50 3156 34-W <11 3 65 
tVorW Great?] 5k 44 * 44Jb 47 23 *03811 Jb 

Atom Unit Trust Managen Ltd (llflOIF 
I Waite Han I’d. Lmspn SndgeSEl HO 07}-«7'9W> 

EUKJl r» 5(107 62 107620118 44| fi>.76 

EuiKA' Til Ate SU1235 U2J59123 bSl D 76 
Acuna Fond Managen Ltd U400IF 
5 Raddgh Bd. Huuon Esse 0777 M0336 

UhlMff ,6k 50 24 59.57 63 J7 -0 05 3 51 
UHLc.tr burnt 6S 52 5I53B3 57 27 -013 135 
EnrcrrjS . bk 43J1 43 77 4656 -031165 
Nth AmuriOl 61, 45 90 46 61 4954.0C124 

For Emba ...6 k 38 05 39 bl 4214 -080 7 62 

Moon ■ 0 6126 61.26 6126*0018 37 

Fi.cd federal 6k 6156 61 66 65 60 7 06 

MnLiatMEiK 6k 53 47 54 04 57 49U 1312.00 

For Aran te* Prmdtrot Cjgilol 
AEGON Unit Traits Ltd (140OIF 
35 Fountain 51. HmOieVr M2 2AF 06 236-56^ 

OntliUGroW 5'j|M 23 50.07 54.12 -Old6 79 
Brnknineome S'r |S4 03 5556 59 11 -021[4 77 
SeMPwtlsBoB Sk 144.33 44 J3 «7O0<O2lin 
AEtna Unit Trusts Ltd (160QIF 
AEini Home M2 PMMrilk Road. Lo«**7 ldl 9M 

Dealing 0277 6903M 460 071-837.6494 


Jocan 
P relit 

Pfoorrtj Slum 
UP Grata.. 
IVarMGrantA 


European Growth .5 169 2 169 2 179 6 

Demm .2 385 3 3853 402.0 

lAcatn (Juts) . 2 1165 1165 1215 

For Ecmre - 3*.- 224 5 2245 2*2.1 

lAcavn Unit*. 5k 248 1 2*0 1 267 6 

Hi«b V.dd . 5 75 J9 75 J9 80 20 

iAcam Units) . 5 Z21 0 221 0 235 1 

Iberian Growth 5k 36 26 36 26 

iniGmml. . \ £0-5? 70 58 

lAcaim Units. 5 75 81 75 SI 

JJMnGwJittcd 5 81 17 01 17 

NUiAmerGwth 5 1519 1519 

lAcorm Omu' 5 1B75 187 

Preferem . . 5'.- 108 5 110 

lAccan UnrUI - S'; 449 5 479 

*eco»e»v9 | LJ[LO 161 0 

(Acornt Haiti' f 3 280 1 200 1 

Smaller Cos D.r S'; 49 u 72.54. 

fAccum Ihr.lsi . 5 >; 107 3 IZZ 5 

Smaller&n . 5>- 175 9 1 75? 


NUiAanCaib 5 1519 1519sll40 9 

lAcantlbb' 5 1075 1873 1988 

Pmfrrrace .. 5'.- 108 5 110 7 11B5 

lAccvm IliiitH - 5k 449 5 479 2 513 1 

(Aecum linin' 4 3 200 1 280 1 2? 

SflullaCMD., 51; 49 U 72.54*77 17 

lAceum Ur.'lu . 5>; 1073 112 5 114.7 

Smaller&n . 5>; 275 9 275 9 J07.1 

.Accam IM'U. . 5>; 264 5 264 3 2014 

UKbnRh fit; 3613 34139 384 46-330,.^. 

Maum limtsl 5k 774.9 774 4 824 41-72013 77 

AllctnirchB Inv Mgmt Sera Ltd {1200IH 

Baulm hie. Bn»n«lt* 9o Gm 0452 305950 

Amity Ircomr . 5150 » 5934 6290 -oa|4 10 

Amrty Aetiat' . . 5 66 83 67 95 7209 -^h(* 10 

tVOineBnlfCiTInc 5k|43 74 44 b.id4752 <0^15 73 
iixamrBdliarAce 51; 151 98 53 09* Sb 47 «) 030.73 
Allied Dunbar Unit Tits PLC (1600)F 
Allied Duntur CeiKn S*Ul&c. SHI 1EL 
0793 514514 Dwling0793 610366 

4k|lT36 173 6 2053f-2<»|«.« 


B UIaI . .. 

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AcaTkiLitfr 


5(; 297 7 301.0 321.7 k.eofc 78 
5'; 502.9 502.9* 537 6M»p89 
.5'a 879 4 879 4 940 6M10M 00 


Imulem 5<; 34 15 34 
H191 Intone . . 5>1 291 6 29 

SSI»5r-..-i!! lo 

Cart Seem.tin. .5»; 30 53 » 
btaiaHiOUmta . 
AnerSctcShi .5>.-|B931 89 
EsrapuaCmb 5'i|21 ZZ 21 
liKfnulKPUl .. 5k 1023 10 


Sec erf Amena . 5 k 12980 290 0 318 1|*2M(0 J9 
WkMeAunVal . 5k 127 BO 27 80 29 7ll-00*ll 92 

tertValua . . 5'; 3515 3513 2RJjht?2|f4£ 

Can & Gilt .. 5k 3632 363 2 38.82 4 U 63b 
Smaller CCS . . 5k 129.2 129 341381-020 2.64 
2adSnulleiCat 5k UZO 1220 1304-460 2-« 
Rtcsmy - Sk 97 59 9739 104 3 -090 3 71 
Met Mia AC** 5k 107.3 107 3 U4 7 
O’ten EaralnB* 5k 2483 250 8* 260 0 -e-g K -” 
Teoataloyr . 3k 1152 115 2 123.1 *l®g30 
UKSaecrtiSIU 5k >21 0 321 0 343 ll-17plz.64 

Arkwright Management tMOOIF 

1 King Si. Maarten* MU 3AH ,^061-8320242 

Growth . .SfilCiU 10210 las.bo -0CDD4 

Incwi* . .5f«.49 4910*5223 *a«fc36 

ETrooun . 5k 39 a 39 34* 4285 
Reentry .. 518? 54 B754 43 10 -L30M 04 

8 & C E Unit Trast Mngmt Ltd aOOOIH 

Manor Rwal. Crwiey RH10 20P KS935269U 

CMcBMtePnte 3 71 02 7219 75 0O| uilLU 
f«oanP«*m_.Dl52.17 52.17 52.171 loll 4 0 

Foe BL UT Mow* tee BrWmlA Ufa Unit Mite 
BSHTfaonblil Unit Trast Mgrs Ltd 0200IF 
28St Jtfn'i 5a. LOb*B EC1M AAE 071-2516767 

CJp.u' . . 5(5726 5737 61.241. . D72 

Surwwul . 5136 ID 3836 4UB*. .5» 

Balflie Gifford & CO Ltd (ZdOOHf 
1 Rutland Court. EdUitarMl EK3 0EV .03 
5(176 6 176 6 1882 
5[97 29 97 29* 102.4 
41 Ob 41.06 93 91 
270 7 270.7 291 9 




182.6 1826 194 4 -4 610.00 
57 07 W43 6227 -105 1.88 
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"'405 2 405.2 4183 -9 0 0 00 
124 0 125 1 1331 -0 70 75 


Do Ami Act 
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Aanrofla 
Casa Tnaab 
ComtrlWte 
Eastern 
EaaHylaear 


ClohlJB** 
Cloeai Grtmtn 
JteCnntli 

JapwSunelte 
Portfolio 
Portfolio Act 
UABnwtn . 
UK Smaller Cp> 


FT MANAGED FUNDS SERVICE 


rrfNANCIAL TIMES WEEKEND JULY 
"current Un» Tru* 

and ttsp/tnlnute at afl otbar times. 10 --- 


Ut Co*. BU OTtaearTWj 

Cbft P»l*» Price Pita - 

Brawn Stnpiey lOltid-Ogti. 

Uliwrt • ■ . W?1 IS 


iRIGewth* 
MoKAb Knnr 
Moru Aotecon 
OiloU*. 

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523J 5414 57.66 
7024 70.29 74 Bb 
6928 69.28 74 4? 

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19 LI 191.1 2033 
113 5 1133 120.91-030 


Bncourt Unit Tit Mgmt Ltd tMOplF 

NeAHb Use. PoetTua Sa. W1HOJR 071-9356^ 
baaeGKMtb 1UM.4 164.4 169-31 16-85 

Bwkmastcr Mangmt to Ud (1200)H 

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UumUalU!.....5k 1073 1112 1103 -05 353 

BKaHre -1 lit; siaj m-u w 

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lAecan, Uatal 9. ■ > 2^4 S7 24 W »tSSE a 

hK*l»wPtn« . jl454Z 46 A3 48 01 Ml 191620 

Barrage Unit Tst Mangmt Ltd WWf 

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(XL Unit Traits Ltd U400JF 

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UXCmnrra SkJ «02 4922 

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1 Olyaisle Way. Wembliy. HM 0H8 
001-9020876 Oeanatt 01 103 7621 

SEE - .. .5} 36 13 36 61*^16 3 « 

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fS5wci..5i M60 52 60 56 56 <13001 
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000 30000 329.50 
14 20 5J420 550 00 
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40 37750 40L60 


W( Cbc- bib OKer f 0 * VUd 
Qorfa Price Prla Mca - Grt 

Crown Unit Tit Senriits Ltd-CMtt 
Mioh locon* . 6 275 2 275 2 295 9 -10 6 5 
uilraora 6 32 26 32.26 Wb9MUll67 
.6 1468 1468 15?0p3 4rOB 
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UKSmMm . OEU70 1U7 8 U7B 7 . 

USSnSlIta . o6l5718«7: 921.66 . - 

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Di tHiif T Hiiid Fond Miqt Ltd QDflfl)F 
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SSSe** . . 5 1423 142 3* 1SL0 -0.4 203 
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USSiSil - 5 2394 239 0 2544 -13 I 16 

bnllociane. .5k 5048 58 68*6264 -005 
PKlflC.5k 37.76 37 7b « 12 -0W LOO 


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Ber ber Ra m a . 5k 9Sg 5 K ^ SLjoB'22 
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GlenfrUis Unit Tst Mngn LW 

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lr<SteS^ .. il5»l5 SlSs 96.66 1.- U 79 
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GAM Sttffoo UAaAMRistt UA _ 

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CAM UKDW41PC..5 10724 1073* 114 DO - - L>1 
CAMUP DIvfdAa. 501314 U3J* 1Z0J6 

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ShacMU* H«t 4 Battle AiL««. 

5k 50 57 5057 ^ 9 ; 
UKSmoHCoi .'5k 34» >4 55 3605 
ClBellbbCo-t . 5k »5J M39 *L« 
AmerkoaCwtn 5k 0235 W07 

JawGwUi .5k 43 95 J>?5 *6W 
. - 5^ 9137 

££g2T-.|iS2S 

SSS5-s: ' 5 sS S2.?2 S 

MIS U4 l"de» ♦ -5k 

HSE*eaaatan»-5k 
HIS iasOI BMt* 4 -5k 
MIS US late* ..5k 
MISCaPi*.5k 

MGUKBcmd Sk 

MS£ra**B«4 3k 
MIS Job* Bar 6 ..5 k 
MBuSBear*. 5k 

Gramllle Unit Tit Mn»rf LM C0A5W 

■liftHie T7Ma«Mllil9adME18AF 071-4881212 

tSSJtSi:’:’ IS 

For Ennum UT M*gn «oe Caplui Haea UT Mom 

far Grafu* Mngn ice AIB Unh Tra* Mpyl 

Guardian Royal Ex Unit M?«Ltd QMOT 

3b HAitow E«*W So. Laadqai04 9KO71-530 9660 


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I. .5< 57 03 57 46 bl-46 <74 1 2b 

U . 55 533 5 53 35 57 06 -0 01 1 26 

1 . . ..ii 63.73 63 73 60 16 -135 0 01 

teMyBd. 5\ 46.60 46 60 4938 <02 002 

U .... 0 53.71 53 71 57 44 <31 1 78 


LAcoon UnWl - 
For Eon & Cm .. 
(AcaanUnUi. 
Gtafrlin . . 

Umn Units)... 
Growth 

(Acorn Unilir. 
loeomt & Growth —5 
I Occam Units) . . 
Mortar Portfolio 
(Acram Units) . 
SceckalSits 
itmn Umar 
Ei mart Food 

High Yidd .. .. -2, 


900060100 <01400 -B3 
60 72 69 53*73.97 <015^.74 
79 66 8059 85.74 <00?B.74 


H 106 Yield .. .. -2)92270 SHOO 964.001tLOOfe30 
(AoamUdltV . .2)10001 UMU untMl-1001630 
James Cape! Unit Tst Mngt Ltd (14Q0)F 
3 Harbour Ettduwp Satan U»doi. £14l«J 
071-955 5050 D«jIIm07 

ArafapSromh..5k 301B 301 8 3220 
Anwrkor lada 5k 1413 141,3 150 0 
Cnui . 5k 427 7 427 7 456 4 

EmoaWi _5k 67 23 bT23 71.67 
rytfiGmU. 5k 5612 5612 59 89 
Cabal Boat . 5k 1933 1933* 20 57 -002 6.92 
HoagtumgGwth Sk 5227 5227 5578 -134113 
EconwV . 5k 395 9 3985 -0 0 5 89 

SrSdwUl . . 5k 53 34 5334*5692 <47 L35 
teaac£wth-. ftk 1421 1421 15L6 -41 - 

JapaaSffllb-Cot ,5k 19 47 19 47 20 77 -03 • 

sS*C»- r A 32 09 32 89 35.10 <S - 

Einweanten. 5k 105.1 105 1 111 7 -11 1 94 

JomaMo 5k 40 35 40.35 4J06-U5 069 
ftetote . .. 5k 90 40 90.40 96 47 -L17 1.29 
Trhwlafci - .5k 7939 00 89 0632 <21 4.12 

UKUOe, .Sk 97.76 9839*1050 <121450 

Capital House Unit Tst Mgn Q200)F 
Cooiiai Haase Fenhal Sgaare. Edtamga 
031-2284477 Deallf* 

LccAa .. ..0 5735 57.25 572S 

Do Income. 0 50 66 SO 66 50 66 

LaraDeinGoth . -6 2707 2707*2890 
Globa! OdoiAcc .. 6 94 60 34«3* 1735 
OotoSe!...... 6 3387 34 02*3638 

kune A GatB Aa. 6 22 18 22 36 23 91 
Dotncma..... 6 2162 2180 2331 

InuIGwth .6 20.78 20 B3 2227 

JwuGwU 6 14 44 1 4 50 1550 

hUiAmwGwifi... .6 2511 25 11*2605 
OHeinal Q nr* Acs 6 60 81 70 00 74.86 
Do income . . - 6 68.13 6931 7432 
Pmoert* Stuns .6 21.55 2235*23.79 
Smaller Cos . .6 24 62 24.62 26331<54U 03 

UK Growth Trt — .6 2 0 07 20 21 210ll«OO2l5 19 

faSfc£ttialS>?f5j.40 53 70 57 121-025(265 
Dobaar. , 54 5184 5233 55 a^UziEb? 

kyScaH**>HUa.5k 5310 5347 56.88M0bbj6 
taSnme . 3k 5L78 52.13 5S47i<<61356 
ruaiUlkrtna tbl L*nlnnn 

MagdAiHrtcaaT** 6 2b 77 26 77 28 63 -01110 00 
MagdLwwanTnf .6 2218 2218 2390 -P.lbJD 
MngdGtabal TR9 6 1702 1702 1620 -1.7B M 
Mi*lGrowthTa9.. 6 27 98 27 98 29.92 
IhtelncomiTw* 6 177 4 177.4*189 7 -2.4654 
MaqdInUTrt 0 .... 6 2638 2630 Z0211-041& 70 
Caufunre Unit Trust Mrant Ltd (2200)F 
16 ToiaWoase Vwd. LpatarCGR 7AH 071-6060708 
StmaePortM* 5 55.00 SS39 5925 <05 342 
AnwrlcwPiotfoliO-S 5855 SB6b 62.74 -00 1.25 
Eteova Portfolio 5 5850 38.30 6219 <03 IK 
JsureiePortfolio ..3 34 67 34.67 3b 05 <26 100 
pSnePoTtfWIO S 6538 65 70 7065 <71 253 
UKtawe*Growth-5 51 98 5213 Sb-DbLaulbZO 

For CIGNA U«ll In Mngn «* BL UoH T* Mngn 
Chart wed Asset Mngmt Ltd OJOOJF 
151/anted*. W. URMnS RW -,®f 
UK Growth - . . 5 M n 861^90.70 - -P06 

UK Income. -5 ^56 - k £ 

laUGrowth-3194.03 95.43*100451-. .C.90 

CH, Finanetai Unit Trast Mngrs Ltd fUM£ 
lWaHr Ha rt Yard. l teddo.BrMy. SQ 071-907 5966 

bSmiMI— ZiU-Sl U51 67^1 - ^77 


1 Wfcllf Htft Ygj. LgW SE1 071-407 Woo 
SSmihill— SrSi-Sl UM b72^l - M77 

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l&s-si —frs 

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BGEoe*w9 

BGEonn* 

BG lacomeCwth 
BO Japan* 

0G Pacific* 

BGUKSmllrCoi 5 
JaomFdd 
BdayFd. 

Bank of Ireland Fund Mgrs Ltd QOOOiF 

36 Ooeen Sk London, EG4R lM O71-«90b73 

BrittOVas.. spa?.* 187.4 WTJf-£«U.6d 
lailnte ... 5(9052 <W32 <^28 -173 oa 

Capital Girth - .5 6231 0354 07.94Ul «p. 10 

vrwtdeO kk.... 5U05.7 106.9 1125t*10»87 

-5164 75 6496 60 301 10.00 

LasteEnnyCwu hlbLSl 62-35 65631 W.00 

Barclays Unicom Ltd (1000)H 

11 Broadway. SlntforaEU48J _081-534 

UnhsmAmerica 5k|79 51 79 79 046b(-036(0.74 
Dn Qaa Rctawr*Me 56 44 75 45 16 48 0j|-00;|0.12 


Ski 160 9 161.9 1722 -11 L99 
Sk 103.1 103 7 110 3 <7 1.99 
5k 1863b 8636 9264 -037(3 97 
1005 1005*1005'-- “« 

.. 104.8 1048 104 8 

Do Earn Gwu tat 56 97 19 97.19 1D32 
Do Earn Gath Inc.- 3k 92-59 9259 ?a33 
DoEiennt . 5 54.93 55 43 59XJ 

Oo Ealra rnrome .Sk B4J4 8539 91J3 
DoFiiumtu 5k 4175 4175 4465 - 

Do 500 . 5k 304 4 310 8 3J3J(-0 8(434 

Do General. Sk 1925 1932 7065|-05MJ7 

Da GUI & Fid lot 3k 54 76 54 76 56-70 .. P53 

DoGmwihAcc 5k 23bh 236 B 253 4-08^00 
Dokaxme . 3k 370 7 375 0 401.1|- l9fr 6g 
Da tamrar Balldw - 5k 47 89 48 52 5L62 
On loll Income Sk 41 76 44 03 46.79 
Dotal 4 Cm Art _5k 1043 1049 1111 
Do Jan t Gen he 5k 103 1 103 7 1098 
DoJtaSdeeSM.Si 4016 4033 42K 
OoUtswetu. 5k 84 39 0624 9223 
DbPr^rt,.. . ,5k 2310 2320*31.4 
Do Racawy.. ..5k 253.1 2531 270-7 
OaSnUrCosAcc .5k 2986 29 86 M 
DoSm«cCar lac 5k 27 10 27 10 2906 
DoSardalSlu Sk Ibb 0 166 0 177? 

DaTnntn ...5k 133 J 1335 1426 
Da Urn Tfch Arc _ 5k 47 95 48 04 51 05 
On Uni* Tech Ik 5k 46 33 46 41 «? 32 
Da Worldwide - 5k 107 b 100 0 114 7 -13 ^81 

B tftbwFdAcc. 1 4b7.6 467 6 487 l|-2J(4Jg 

B'utbwFd Ice 3 251) 2511 2bl blS.OM 20 
Baring Fund Managers Ltd (1200JH 
PO Boa 156. BeeAmham. Km BR34X0 «T 
AmerKirGrowU 5 blOB 6LOB 64 75 
Amr)teS«)l?CM. ..5 71J2 71-S 76 22 
‘ 5 58 35 5055 6291 

0 SO SB 5088 50 8B 
5 4145 43 05*4609 
5 133 3 1333 144.1 

_ . 5 6039 6214 66 ID 

LiespewGrowth .5 1792 179 2 1908 
eSSSi4«bto....5 131-5 1315 140 7 

EoMDlF. ..1 65.86 65 86* 67 04 

Gormoa Growth 5k 44 49 44 49 47 45 


CUMOUBM 
OaAcaon. 
CUSmoJIwCm 

DoAcna - 

CUUK&Gcxk 


5 5232 5232*55-15 
5 77 ’0 77 10 8270 
5 1123 112.5 120 2 -18 
5 9353 9353 99 07 -LB 0.0 
2 94.36 9436 9828 <23 36 
2 1627 IMS IM4 44 3.6 
5 5586 57.SHM.65 <34 3.7 
UKSnulleeGm . .. 5 61C 64SS J9J3 <« W 
kaaB*rpH)f 5 4900 4951 3266X26 21 
Bell Court Fund Mngt PLC QOOOiF 
n BMNMMSI. MUM«J-374!«3rt 
UK & EavpsaP 5000 87 300.67 320791 a.95 

For Bhhoptett ProgroaM tee St Jjmri Plot* 
Brewiit DolpWrt Unit Tst Mgrs LM f S2fS? 

sscSimmvw uff 

SSiCtete -s4 54 77 55 39* 3940 *uRw 
MchnWGail*-5? 143 4 14^4* 1HJ 
SMbiaVXACn -Sk 33J2 JU » »» *01 
MmFaedF*6_ 5b 43 14 44 76 47.MHUJ -- 
Britannia U(b Unit Managen Ltd (12O0)F 
!WW«lta»geSt.G|Mo*sz2M tg 
BoMaud Growth . 6 74.23 7538 80.62 

- -- 80 11 81J5 8780 

57.62 5782 6162 
6153 6153 65-81 
28J7 2B87d»86 
38 62 38 62 4L30 

American 6Uilnc 6 34 88 35 00 3752 

DstAmd...6 3555 35 74 38.23 

Cmm GtdwU .6 7959 W59 g-12 

DoiAceiai).6 7959 7959 0512 

CIMJIBondIne 6 2393 2396 3U 

Da (fleaml.6 28.67 »71 »n 

Hyaiped P’tnlUi lac 6 24 74 24 04 2656 

I Da Acta IK> .... 6 24.74 24.84 26 56 
Pure Growl Joan - 6 6! 53 61 53 KU30 
Ml Spec Dm Am 6 54.93 54.95 38 76 
Brown Shipley & to Ltd QOOOIF 

9-17 PenymitaK Rd Harwwds HBl _ 0 
MiteP’falioU*.. 6 60 90 60.90 7338 

MiS P-IMWAa: 6 127 9 127.9 136 2 

UKGmrll 0 114 1 114 1 1215 

Cgnr&bml 6 1386 15.86*1689 

EuntwmlrK . . .6 19.02 1902 20.*6 

EunwuiAri 6 1453 19.53 2L02 

FaiSSl 6 BLOS 01 05 06 32 

Fnnldtkn . .. 6 5989 SOU «« 

German . 6 34 23 34 23 36 65 

Growth Ik rtS-1' 5 22 78 22.78 2*53 

Growth A« H5-1) 5 26 30 26JO 28.09 

HlshlKomr. 6 56 02 5686 6084 

lraame ... 6 % 82 90 27 103 2 



11819 125.73 
357 D 380 03 

fijH 

7137 7604 

0934 

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nb89 

34.94 

86,73 

339-34*1.00 

42J3d45.CS 
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15.74 3802 
88 71 9*J9 

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FPTGatdiCtefcj-i 

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SSX 1 I 5-8 

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Confederation Finds Mngt Ltd U2Q0)F 

Kft , &.“ft5a s 8is«£r 

b^UAcc.-6 40.37 40.90 4383 

Hlyhtomnw.6|?5-i5 


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Da (Accural 
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j™ . _6 1880 Iflja 1956 <J0 ... 

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SSnwQK^ - .6 20.40 a.13 22.62-00) 45 
SiHtftalbnwst-3 4518 4640 47 92 <24 15 
g^moEodWl 3 MJo 3429 55% <40 2.4 
PadfkCsOTt.—-3 3086 300 3226 <80 0 6 
BEwnlT - .3 4983 5060 52-16 <07 L0 
tethAmsted—ja-b? BAJ 2421 <08 LO 

Eurdpean..—_6 22.60 2206 24 31X1* LI 

Comment Unit Tst Mngt to Ltd fllOOlF 

1 WhrteHoitYS.LartwBrWgLSQlFCt 071407S%6 

CnrtrtMUT_3(23 89 2389 3587[._ .pL9Z 

Cwd«teUTAce...3l24J3 Mil 26.021. . Ia92 
Co-op Pension FAUT Mgra Ltd GMOIF 

L»Bt» ACC All 15... 004305 1«1S W793I. B L3 
Corahill Unit Trait Mngn Lid (IIIOmF 
PO Baa 13b. Sa^trten. K«at BR3 4XR. OB <38,9611 

UKEnitote.. 6 4251 43.10 45.0 j ™ 

UKESSaa ......6 49 04 50 . 7 B M £ <g 

lilinAtete 6 59.29 6007 63.90 <30 1® 
(drawteolArx . 6 6296 63.79 6786 <53 LM 
frmrtiSkit*. ,...6 14 80 1480 16.4! -0M 0 00 
Pi u wreSBAcc- .6 1689 1649 IB-37 <M 300 
GtK6FMMtMC..6 39 49 JW 69 42 22 <|S 7 60 

t M W86 all <S 320 
JiSlSSte.- 3 S.il SS awRS520 

Cram Unit Tit Senlca Ltd Q20WF 
™,GSn-.T.;0 19bb »66 SL14 <l1p|« 


ISrSSte.- 

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UVteiitaCi, I 1261 132 2 140.51-0 5 I 1 78 
Eagle Star Unit Mngrs Ltd UQQ0)F __ _ 
Raft Road Gvfwbui GLS3 7LQ 0 242 377 555 

UkVSSJSt 61100 4 102.4* 108 91-0200.46 
UKbI{ 5S3£. .b 116 1 110 1*l»bUjo|ffl 
UK Growth tet - bJlbAl lb7J ITS ol< 101 95 


UK HltftlKloc 
UK HitfilncAcc 
NthAotecaAct 


105 J 107 3 114 2 
120 5 123 D 130 0 
74 01 75 54* 00-36 

__111 8 1U2 170* 

UK Profit F I lac.. 6 56 67 56 67*60 U 
UKPrara Fite b 08.12 BSUd'n.m 
lull SoecSioAct .6 36 07 36.07 38 J7 
6 57 95 99 06 62.U 
wJSToSSaS .6 56 17 97 TO 60 85 
japoacsete. 6 33 00 33.96 36 13MBS 

aeon Ltd I1000JF . __ 

szsSt™ ^isenafYAsT t 53 ? 

Emtorance Fond Management Ltd (0905IF 
41 Mrrhqtoi CvCrts. Imolca S»/7 4JU 071 -3737261 
EMamctFd. . il UL7 133 7 1021 ... U 61 
Equitable Unit Trust Managra Ltd a600)F 

M-lS^ifaWSSi ” ■” 
S& v|SSOT« 

«JGrowth .... 5 62.74 65 0* 68 46 
North Amartcan - 5 72J6 n 64 7782 
Pttksi .... 5 06 27 08 61 93 27 
Smaller Cm... .3 34.00 56 57*59 55 

Special SHs. . . 3 66.90 69 Bl 73 40 
Tjt of lor Tju - - 500041 10436 109 03 
Eipdty & Law Unit Tst Mngrs (1200IF 
I«any 1 law Hte. Gonamtte Svtegf ' 

GteJaite "l'i 356 6 339.2 382 2 

8SSS8ff;.:tKiSaS 

Higher lac Arx. ... 6 414 6 423 0 <50 a -09 
Hlghtrlaelae .. 6 26 1 6 266.8 283 9-06 
QlafFcdlatte _ 3k 152J 132 0 1M9 . 
CIIBTFidMhK. 5>J 84 93 BEJ1 89 81 <05 

NibAimca.6 170 8 173.9 185 1 -0 6 

Far East.... ’ 6 1738 175 B 187 1 -4J 

Europe _ 6 182-3 182-3 194 0 -1 3 

BrtieW. . . -.6 50 43 50 43 53 65 -5 01 

BrltFlwtaUtte. 6 M 00 64 80 60.94 < 2 
BcUFndtathloc....6 52 73 5273 56 10 <16 
Global Com .. 6 47 65 48 67 51 78 <54 

Exeter Find Managra Ltd (1400IF 
23 Cathedral Yltd. Ef* EQ1HB 0392 4U144 

Fdoflowlsu . S'; 23 18 23 71* 25.23 <J4p 47 
Highlocamr ... 5'r 3760 »70*4L2a <72[l2< 
GopliAl Growth .. 6 39 09 41 04 44.01 <.wW OO 

ZeroPtewenewd. .5 2836 2889*30 43 < IB6 00 
Wiemoty _ . _ 6 2294 2460 26 73X10X1.00 

For FS lowstnow. tee BrilAonu Life (hut Mogn 
Family Investment Mntpnt Ltd QOOOIF 

a#*. 1 !# 

Family Trust .... slS310 53 65 57071... D.81 
Fidelity Investment Sens Ltd (1200IF 
130 rourfdw At Tctendgr TWU 902 
Calllrw Prluu OieMs 000 0 41 4161 

Braher Opal no) 0800 414181 

ASEAN ..5k 20 74 20 74 22 13 < Z7 0.00 

Amncaa... . ,3k 153 8 153.0 1625 00 0 00 

ArwerEAliK.5k 3067 lab? 32JS -aOb L74 

Amersiesta ,5k 6964 6964 74 29 <ap 00 
Cash UrdtTtt* . ... 0 1*096 140.96*140 96 «0tt) 970 
Jaaa Smaller Ca-Sk M.62 M 62 nOO-OHO.OO 
Ewaseanbamt- Sk 27.52 27 52 29-27 <05 4.44 
tanom _Sk 9304 93.04 9893 <79 900 
1992 Em Oam _bk 36-31 36.31 18 61 <24 ) 00 
ilCGrowSr^ . 5k 55 28 55.87 59 41 <U 0.00 

fw Last Inc_5k 37 41 37 41 39 88 <41320 

Gilt A Fed 6« . 0 28 45 28 95* 20.75 <07 8 84 

rmniirinroraiV -3k 18 70 18 70* 29 VS MCI 4 74 
Growth A lac 5k 1174 1192 1265 . 5.44 
UnwPliB. ... 5k 8811 88 79 94 41 «2 8J3 
Ini Bard" ..... Sk 24.45 24 45* 25 79 <01 657 
Ml PEP . ... . 5k 21-89 22.184 23S9 <05 ) 00 


>6 l 126.1 1261 
Z792 282.1*3013 
U43 11*3 1213 
777 0 225 6 2410 
8026 8185*8744 
107.9 108.9 1163 
72.72 73 23* 78 29 
9200 <3.17*9933 
172.8 173.7 185.5 
2329 236.5 2526I-S.7wi.bw 
1343 1403*149 8 -0SB.61 
185 2 192-8 2059 -02^98 
Sl2 3363 359ii*LlU30 



UnwPkB. ... 5k 8811 86 79 94 41 <02 8-53 
loti B«*7 Sk 24.45 24 45*25 79 <01 >57 

Ml PEP.5k 2L09 22184 23 S9 <05 J00 

JtenSBecSta .5k 5116 SLlb 5455 -113 100 
Jaoaff . . 5k 1029 102.9*109.7 -7.10 100 

UmifNloti Sk 1522 1522 1623 -L30 3 00 
MmeybMHw. -5k 2981 2989*31 89 <08 ) 00 
Reentry.Sk 22 72 2290 2435 «OOT 3.00 

Sfc- :-fe So 1 ? sS Sr^Es&S 
iSi H8i-:-8:S 

Eornu:: . 5k 148.1 1522 1641 0.00 

1992bnnm0<m _5k 14L8 1M.0 154 0 <30 (.00 
Gilt 8 Floed In.. Sk 127.0 1283 136 7 *0U 330 
ClobdCemertadi.sk 9242 9408 1002 <10)00 
loam PI* _ . .Sk 1023 1036 1104 . 3.00 

JapAa5becSIB.-Sk 67.03 67.91 7233 -13? 3 00 
355*- - Jk 57SI 5824 6203 -149 3JJ0 
lS5te~..: .Sk 1100 113 2 1»6 <50 0.00 
SaithEutAjlA-.Sk 164.1 165 8 176.6 -2* 3 00 
SmctalSa _.5k 104.1 1082 1153*30 0 00 

UK Growth .5k 1002 102 4 lOSlCSSIoOO 

• CAR—Met lacsnt ithMH 

Fleming Private Fnnd Mngt Ltd 0200IF 

JlStnStifft. LsnteECMTQP 

FKm. He ffollo.._ DftU bO 63 60 j^Obf-OCO B.10 

Flm.CroP-follb.-0(106 0 1060*1083 -0.6162 


Foreign & Colonial Unit Hngmt Q200IF 
Malta PO Bet 200L 'BrtBtwotxLEterCJiJia UtR 
taqotrtu:0277 22730(1 Drulb»}JJ777 261 DID 

SK_ ^ .5 76 05 7605 80.4l|<h5ta.78 

FuSwi ..5 83Z3 83 23 j W32UL«te 00 

0-wmtame . S 46 7b 65 76*70.19 <jib38 

UKGrtWrth .5 66^ b7 01 71b7^gS^ 

UK locamr.5 80 0b 0006 B6 401<05B.O3 

US Smaller Co',. . S 135J3 136 0 1463X300 00 


tncQioe & Garth —Sk 
(AcaanDnlB) —,.5k 
Hltfibwame —5k 
ExPA lnni ma.— 5k 
Small IT Cd> (Hr —5k 


>06 1«M6 194.93 
S bS mu 483.14 
20 22203*2382 
871 208 71*22211 
1ST 13157*143.4 


City Fib PtfbInc....6147 05 40.09* 51.4bl. .1643 
City of London Unit Tst Mgn Ltd aOOOIF 
Stetfen Ht, Grtler U, Ubdoo EC2V 6BA ®92 *W 
EarningMarheu !s11867 19.72 20«X22»00 
Clerical Metflcal UoH Tst Mgrs Ltd 0 2001/ 
Marrow Plain, Britt* BS201H 
runerleanGwih.. .6 2955 
atlm Mpqd Gwtfi . 6 23.33 2333 2536 
DrAaaaGrowth ...6 34 2 SK 3714 
EgiatyHlpbta. .. 5 56 49 56J4 5983 
oTtacar . SgllSjJ 7235 

EorooewSwth . 3k 3287 3287 35.47 

Emran ... - -6 19.19 19.M 21 00 

Gavral Ldaily ...Sk 5847 5987 6335 
GlhiFrolatloc...5 2437 2937*Sbl 
JacuaGrowth6 26J5 2b62 2847 
PadtatrGarth.. -3 3632 3635 39 41 
PrtSmCnta.. . 5 22 12 23 13 2435 
PtdSmCmte .. 5 2212 2333 2435 

Re U ronr a Inc .6 1846 18 46 2D 14 

BrUrwrwnt te-6 2223 Z3 23 £35 

Special Su .6 24.71 24 71 27 27 

UK&Orenm.5 7)19 2987 31.44 

Colonial Mntnal Unit Tst Mgn Ud Q200)F 

S| l £5S-!! , '. E ^f4f'»7 4386 

_614177 4125 «M WI624 

Commercial Union Tst Mgrs Q200IF 
1 UpdnHft. HOP ?00 Oejllog 081-6869618 

£otiulrteO01fcai 2222 
CU Aowrtem Ur. 6 733b 73 36 78 W 
CU Em East Pens - 3 47 70 fL47*M4b 
CU EarapeoaGlh..-6 7236 72J6 7698 
CUFArEutClh. .6 65 66 6566 b«5 

aeasferis^ss as 

9lw.tePte.g4Lu 

59 23 998< 65 66 
26-10 26 10 27.77 
28.72 28 72 J0.55 
56 IS 5638*59 77 
616636 6636 7060 
4886 4905 52.18 

... 59.90 60 13 63 97 

CU WwteSpSha h »» S^^SuSAi 
DoAcrorn .... .6 59.03 59 83 42-60X46 
Ol Itato General t - 6 9890 98.90 105 21 <1’(3 01 
BiuShtJ... .6 107 04 10704 11387^0Up01 
CU Ubartem r—6 TO 75 n 75*75 gX4J K “ 
Do team t... — 6 8488 8488 90 30 

CU Oillttr Ml». 6 89.93 09.93 95.67 

□a Accra* I . .. .6 91 17 9L17 96.99 

OiatrUKSteSM 6 5733 *733*60.99 
75. B5 7555 80 69 


US Smaller Co’t. . 5)1353 1368 MbJXJOlOOO 

bTeMUa . 2k 02OO8 1200 8 1248 8 <0J|0.65 
bte7jda.IV 108.4 108.4 UL8-2.6 181 
Ew*matttM21.. 2k 1205 1205 129.4 -2.9 LSI 
ixEwtaaJia — 2k 143 7 143.7 1513-L7 4.74 
UKEnWbltK J*21 -2k 126.6 126.6 133 4 1 74 

ta*JEX*i.a _Zk 6664 666.4 6968 *65 0.93 
tadlMtehdS —2k 3682 368 2 3915 *a9US8 
Faster & Bralthwalte Fd Mngt Ud 
dtt Hart Yard. Uid* SQ Uft 07 
IHn6MeEaiy.sk 38 00 38 77 41.23 
._HjrteUA*-5? 4333 44^4 47 W 
FUteUbtTrtPa JS 40J9 42.69 « « — 

rilMkbhls.K 40.89 42.69 45 42 ui 537 
IllinMM ft 44 75 44.75*48 63 UI 3 00 
FUtaMM.n 45 68 48.42 5151 Ui 12 5 
fUUOMhlAB-ft 47JO 5005 5325 (x5 125 

FAB BKSrteerOfl 5? S5 74 57 52*6139 Cel 0-14 
FOAIXSwdbrM>a.ft 5733 5916 62.94 (a>l039 

Framlbigton Unit Mngt Ud Q200IF 


lSSBMwn 
AtiwSwllr 
(Accnra Unto) 
Costal r*t. - 
(AaaarUnlBJ 
COPlISMIrCoi 

(Aram Uriel] 
CDwwrtlHa - 
(Aeon UrriUl 

(Accum Urdu) 
Earn home 
(Aram Unit* 
FMPW- . 
Moan Uafci? 


rth*EC2M3FT 07 -3744100 
5IZ93 2593 ^.8 OOto.OO 
264 9 264.9 288 9 <700.00 
238.9 238.9 254 1 <600.05 
_ 324 0 324 0 344 6 <705.05 
5139.14 39J4*4L<1 <3lB41 
4050 40 50* <337 <31(0 41 
91J8 955B*10U 
-.163 7 1713* »15 
5 80 23 BO 23 BS83 
82.90 82.90 ae.b9 
224 2 224.2*230.4 
308 8 SBJ?*32a4 r — 

658? 66 07 70 06 -029(L26 
4055 6055 72 91 |-OJO(l26 


ocortw A Growth . ..5| 1423 142-? ULJ 


lAcexra UctUI 
ini Growth ... 
(pram Urdu? 
J*aa«G«w, 
(Acaanumu) 

Haag* Ford* lo In 
(Aeon UalBl_ 


.5119L6 1916 

5(2213 2211 


hFrodta Ski 
hFaadte ..5^ 


.517225 7429 


lAcaanumu) 
SrullerCo-s- 
useaan Units] 
GHtCwthtoe 
(Aecam Units) 


H6m.F-.ta 5k|B9n 40 91 

115 8 U5M1231 
195 2 1952*213 
227 7 227.7*248 
3534 3534 3739 
3942 59 42 4L9S 
6102 6182 6)76 
7123 7123 73.46 
-.5846 5846 60 28. 

317110 7110 73.3 lirO 0114.26 

Friends Provident Unit Traits QOOO)F 
Castle Street. SaQsbBry WiM 

Dealing 0722 4 U411, AteWtO 

FP Earlt» Drtl- S 9081 20298 3m Or 

OnAccum . 5 SS0 79 561-10 599 04 

FPEantGth Dm ...5 84 09 8554 91.00 
BoAeq»n-_ . .5 85 72 87 If <2-75 
FP Filed MOW.. 5 12464 U1.95rtl3S.17 

Do hcSrn ...5 20102 20152*: 

FP Ml Gzh (Mt .5 54 73 55.01* 

Da Aram .S 5642 56 70*6032-- 

FPNlhAfBWOia .5 12369 123 7SdUUU <21 3 92 

Da Acute__5 133.71133 75*14218 <23 )92 

FPPAcSMinOM-S 152.11 154 25*16410 -325 353 

DoAceww_5 U4 49 156 65* 16665 <31 053 

StewarothrpDht- 5 m n 23836 »S57 <34 i Ob 
Odteinr ....... S J7UJ OT<7 29624 -0*3 JM 

StweddmlacOHt -54900 5107 SO!<US27 
DoAcm — . 5 3B& bLQS 64 95 <11 5 27 
N A* Stwthba DM 5 bZ71 6311*67 14 <31 300 
Da Acted... . 5 66 31 66 71*70 99X320 10 

GA Unit Trust Mngrs Ud aOOOM 

PO Sox 237. YBrt YOLILA ,0345561 0W7 

CAN DA _ .... Sk 170 1 173 4 1033 -05 )Io 

Ca 6*A_Ik SOBS 50 05 50 80 ton 9J3 

Gi—Utetfato _54 4561 4661 J«35 <69 L65 
Ineerr*Portfolio 5V 45 43 45A3 40.14 <335-29 
•cA-R.-Cumpauw Atiecal Rate 

GT Unit Managen Ud Q2003H 
8a Floor. 8 Oeneata Sd. London EQU 4YJ 

s^ng... SH „ JJ „ss“a i 4 ; - 

__ Sk 51620 31620 336.40 

ForEte&Gea. Sk l«» M9» 160 10 

Cdvunv . .Sk 80 41 00.41 05 64 

Gteal teettloc-5k «.66 
QehHAneBte .. 5k 50.99 50 99 5454 

wm. 5k 91.CS 91.05 .9738 

Urtwrothml. - .Sk 184 81184 70 196 90 
EubSoT.. 5k M 62 5562 59J6 
Jmar&CmeroJ.Sk 22880 22390 2J2J0 
KcteJh SeorWa. .3k 54.41 54.47 36.87 
Oritwtte.. . .5k 63 78 63 78 6822 

SmJbCosWr_Sk »6b X«9d4r_67 

UK&wluKta) 5k 131N3 13L40 14060 
UKt*rt3(AeO-5k 70 21470 23390 
UKtaecStaZ- 5k 4936 «i6 53.01 
US&GCBBTAI. .- Sk 68 51 6831 7293 
V?-(dt£eSlt...-5k 8935 8935*9537 
fiartmnre Food Managra (U00JF 
taruDore Horae. 16-18 N#WiW 5w 
Ltedc* ECSIBAJ 071-7822000 

Dealbinp*r.aZ77«4421 

taaar Srnlce. Frtrttew 0000-299 336 

BrittaCrowa 5k13437 J4J7 36 76(-309(2.40 
CrdrT^m 0 12354 1232ML2354 <«2 935 
tVMttetaOatl-.Sk 8439 84 09 91.03 <«3 4,46 

SaESte_5k 175 S8 17S00 188.61 <07 146 

UKbto - - 0 104 0610406 107 01 -012 433 

U*Sr«aJiwQ»...Skl83 29 8339 SgJ2HU3E09 

pSTlSagiw 3k 122.60 22.96* 2A36X09I1DJ0 
HwfSrw^-Sk 25 H 25 71 27-50HUCT.20 

irUFidtiT..5k 123 71 Z3 71*24.g8|<wM3 

mjEa taHOT t Skboaor 10001 107 03X3)0-35 

FadU* HaiteB "fsk 131.41 3141 33 60 <36(0.63 
SSltetSh"5k 91^1 9101 48 14 -cSB U 
CoS&Mlto 5k S4» 5509*59M <32§.73 

WataviStf.SklsLSS 0635*9237]<4J£50 

teeri^?....5k|»>89 06 89 92 76[<13(0 72 
E*«S 5k 63 14 63 14 67.06 <s57? 

EmsMtaf-.-3k176.27 


Prtf 6 Gilt.—5k 140 b 41.72* 45jbj-0*USjO 

Fired latemfl —5kl5032 5032* 54JWU2I939 

bSSuSSi—Sk (161 main? in32hu9{L» 

CtalnIB ewwtdl ,5k 15931 5931 6S66X»lL79 

KrSr^Stae-SklaaM 8032* 85 92 

Arramud-ikWUI 16484 U2.07 

nanniWI_Sk Z78.99 295.43 

CrnoteMpme — 5k(S4.9B M.98 5034 
Eure Small Cm.. Jk 00138 1D13B107.77 

JapaaTrast-SkBDU-t 109.14* Ub 0 

jSr5mtelSta_5kR23J 1233 130.73 
SrirtlofltetM—5kl»26 3&7ta S7 67 
IWttSMkOB—5k005.94 10594 il3.9tU-i-LfAi.tju 
*rrhAjnwteoa,.5kCo i3 IbO lJWl^ *X-B|oS 
A rnerSn uller — 5k IS4 73 54 75 5805X1*10.00 

SrSSa", 2 k 170-33 1703>alJ7.n|<5 

SmantrCr*-2kp0.95 130.95 139 27j<h» 

EoroMU.. ..2k pbJ6 12656 13061 

jSTT-.2k E«<4 109 04 LUL65 

North Anwr«*o_ 2k 000 75 100 76 112.H 

Global Tb*-2178.16 7836 8 133 

Paefffc Earn*._zfcS7-75 237.76 246.73r-jj.ij.ig 

CrgnetTrt- 2bl«34 4534 4812M«£90 

Hill Samd Unit Tst Mgn 0200)H 

H13Tower Ad*5C!»T*e tot Duydon ,.0U-6864» 

British_b 70i3 70 62 7532XWb-75 

Costal_6 120.0 1200 12B3 -OjE>l 

DoHAft — ._..6 2103 210 3 22J9l-nj6>9« 

EbTOBMw* _6 147 9 147.9*1581 

ForSlV-6 UI 1883 Mg.0 

Flnowd*_6 4589 458 9 490 

Gilt & Fad Mine _ 4 23.90 23 90* 24 

•HghVleM..6 7457 7437 79 

HrSmeG Growth_6 1008 1000 1070 

WowatailtP_6 1513 1512*161.7 

JoamTech?_6 59 91 39 91 421 

JwaatGtmnlW.b KOI 9501 101 
Hit Resources * _ 6 4536 4S86 te.0« 

Portfolio*.- 6 4B.CU 48.03 5136 

Seortty__ b 256.2 Z342 2316 

SaaKer Cos_ 0 83 63 8363 89 44 

SOccMSttl_6 1063 106 1 113.4 

UKEtdergom00*1-6 41.98 4305 *634 
US Smaller Cca V. ..6 *2.40 0.40 4534 

INVE5C0 MCM UT Mngn Ud OOMDF 

11 Drratahlro Sqnte, Lawdort EC 2M 47 2071-626304 
Donag: 0800 010733 
UKStetabtTTOM ^ 

BM*£S £S 

U^MUrHBl_5klz532 2532 26.69H— Br “ 


Asms fi bn*. 5k 57 47 
Aram Ullts—,5k 6695 
General Emrrties 5k 53.93 
Gre*ttflt*0»...5k 5934 
Manned Me*... 3k 6137 

PEPMwb* - 0 49-2 

heart Qterai Trt — 5k 4238 
UK Growth. .—5k- 


cimniua)** 

CMTOMlA^** 


25.95 

WMUrViiiFrz 7149 

isssetmS las 

Go* __... 3k win 

Aaam lifllu .— Sk 35.0} 

WLAtare-3k 1933 

Property Stares-5k 44 27 
Brtnroj Grawth Ftadk 
Arw«riunCiarih._5k 35-01 
OSSmallerCm-.Sk 69JB 
[Acete taW— 5k 70 U 

EwwoePwf_5k 8ZS3 

lta*nl>efo)....5k B3 89 

CwaSrteto-Cta_Sk 16 g 

Firoch Growth ...5k 5237 

Acme (MB-Sk 5SJ7 

*n(D*60la — Sk 45.79 

Ml Growth-5k S6.g 

JaoaaPert—5k 18.97 
Aeo*BOoRS-...5k 1097 
JaWaSangrCg-Sk a 10 
Sh taWtiA g AH-fk 
Aeawiualts. --5k 4906 
SEMa ..Sk 150.0 


57.47*6L 06 <JS 533 
66.95*7133 <30 5. 07 
5393 5730 <3* 4 9 
39 34* 4235 <« 233 
6137 6568 <65 1.44 

49.99 50.00- - 

6238 66 70 <8 233 
42.49 *5.62X151287 

, 3LTJ 3Ln|f0Bj9.« 

, 53 73 53.73 l -'- 1 -“' 

i 6 L 06* 66 0? 

25.95* 27 32 
! 29 62 3LHJ 
7119 7333 
1538 1633 
2435 2613 

3225 542bknnta64 
38.47*4037 <29 292 
3187 35 10 <13 0.79 

gsssa ,j ! 

44 27 47.03 X7i1L87 

, =,^.73.71 

70 11*74.49 

i 82.83 87.90 

I 5309 89.02 
■ 1627 17.46 
S237 9556 
55J7 58.75 
« 79 4905 
36.05 38.30 
U.97* 20.15 
18 97*2015 

\ so u a .ii 
! «oSSw 

l 150.0 1616 


Global tatt* 
MU Bar* 


.sk|w.<o 

:.5?I«6A4 




CmtOOcot DriZ 

EwrzeActa 

EA4te»-- 


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86 06 92.09 
1060 U3A1- 


Fer try Fd Maws w N&P 
Klemwott Benson UnH Trusts QMIUF 
u FtptfMKh Start Itedaa ECS 
Dmlirs: 071-956 7354 Adnta071<2)8m 

barorTnsb 

- 40.98 40 98*43 
5213 SSJ3*S». 

Ill 4 111 4*1175 
2975 2975 3135 
145.7 ICS 7 

8W i?7§ 37.9, 

42^6 4226 44,96 
6641 66.41*66.74 


E*y*lhrni»i 
item Do ltd 
GpiYleM. .. 

rjraa Ualtri 
GfeOaftarw* 

laeeiwi IhlHl 

WTHd... 

(testa UDtU7 
Stair Cm 0»* 

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Co* Aram* 

r t a i e jr & nntbv y mM 

ASSnfh-Cbt.. 5<g *32 V>32 6407 

UramUBlO)_Sk b2.*Z 62.42 66,40 

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(AcoinUottol _ 5ij &06 6556 69J 
beroehr SgoriN - - 51} 675 8 67 35*7109 
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LmyeH_ Sly 103-1 1011*109. 

to5Stoaa)_.5k 1310 l3,C*l*l 

C at HU I ■ _...5k 210.2 21824232. 

(team UnlS-..5k 3402 346* 3 70 -9 

Josh .5k 2355 2351 2501 

UUonUaiU). ..S*j 2381 23SJ 93 3 


p K SE'-" 1 ® 


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SSSJ^:g 

Masts Acorn ..-4k 

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SquUtrCbl... - Sk 
(Aaaro Unta)... S\ 


Mercury Fund *»««■««« , L _ 

» GdnSoewUM--..5BgB wSSlbtOJOfiSZ OroOnrOBOO 

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ltex®un<tsa+ j?-* 4 l 5 A*AA 92 <n»ln<» Groms 

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ja uramuotoi..—SjiKioSs ui* 




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44 36 49 38 62 
„10 35.10* 37 34 

L & C Unit Tst Mngmt Utf JOWlF^ 

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Lttrrence Keen Unit Trust Mngnri Q30 0)F ^ in 

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U&4 1071 1131 
1B2.4 1B6 3 IK 

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95 OK Income 

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SSmIi^CsS 13*6 5*6 142 2 -Oja 5 a 
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2 • I 51 . TkOOr 36 00 91 tor-iwf - 

4? tetSB*gr~ H 1101 HO 1 1171 -1AI - 
m S3 . 5k 4740 *740 K 00 (0*6 

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g SSiO ik 166.6 1666*177 2 AI2&AB 

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S UXCiS-_. >4 183-3 MM* mo «ig62 

£ SSteTr:. »k *540 4584 94 76 wsufiw 

» f«£»CMCd* 9k 57.51 3836 40® OB'.2 51 
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8119 C3 08*8881 


3L52 31.6a* 336* 

45 8/ 4507* «80 

5525 5981 

67 27 6727 7117 
159.8 159.8 iPMt 


Metropolitan Unit Trwt Mngn UdQOMJF «S£p*aT: 
3 Darfa*L»^P 6 tttfs®rOftIJU- _ JFRftPBf T**«iutaiJ**a„ 




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L6 ...: ^,1^ 61.154.99 5S 47 5901 

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6206 6209 67.05 
104.4 


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Cash . . 

Enroaebn 
G Uttrtud 
Growth EonHr 
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immutlanjl 
Japan Trust 
Manna* 
hthAowncaa 
Pacific.. . 

Prop Starts 
Small Cam 
GdJrtM* 

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Eiaapea Growth f. 6 65 
GIM* Growth A, ..6 ■S 
Hl^tacome* -.. .b 7814 7814 84 04 

DaAczuai* _6 95 26 95 26 10L9 

NorthAroericaaA.. 6 1296 129.6 1587 
Pacific Growth f ... 6 59 00 59.00 4L73 
Rmneyl. 1914 141.4 2090 

OoSSa6 206-3 206.3 22b 1|-O.7B01 
SlVtaMAMhCG-lk 95 61 98.44 100.9 -01 916 
teM8la7(*(!_l? 133 7 133 7 147.4 -1-1 5 29 
Ooteunt . 2k 163b 1636 11DJ -14 519 
TS^toS-CilM-i 1991 1991 2091 -LO 4.78 
oKram* _T!rC 3111 3115 327.1 -llCja 

Halifax Standard Tst Mngmt Ud CD730TF 

BaassyniBiKi 

SMMMWte-Sk Sir 2809 29.78UuEbO 

baswU^rta.Sk 2315 23 66* 25 09 - Kj3 

lru*A*M*eAct.55123 42 2393 2SJ9I-DJ3 

Hamtan Generali FUadJWg« » | L±d QOOWF 

PfwertyShire1 . J 5f41.44 41.44 

UKGTOMh—_516917 69U 74-13X2962 

Handwns Unit Trast Mangra Uri aODOJF 
Arhnta »WMM Hatte. Brmlwoal Ena 
Ena*rtes0277 07300 Doling02776'0390 

cnamnmw>. «7,Q6 s&8 <21 009 

8920 8599 91.48 lOH 605 
107 8 1078 114 1 -L5D 111 
95® 53 80*5936 <U a CO 

- rr-T- _„ ^,BL70 BL7D 8617 -Lft 0.00 

Moo* P’taOa. .._.51l30 6 1310 1390 <» 1.TS 
North American ....Sin® n.60 75.97 <21 019 

ScontfUrnUa_5 S7.42 87.fi 92.46 <77 L54 

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Hendman Unit Tst Mognst LM Q200)F 

PO Bar 2003 Brentw ood. Es» CM13 1XT 

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Unyds 8k Unit Tst Mgrs LM Q000)F 

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tauraori_b *010 1*9 BO 584 90 

Coot) E*rane Gwtfi-9 39IB 39.18 4121 

DoEAccmro._9 40.94 40.94 43 10 

UrttaN_6 18890 19120 M450 

DoUram)_—6 15000 458.90 48820 

Gamin Growth.3 04 01 84 01 88*4 

Da »_ .9 87 SB 87.58 92.14 

raS^™_6 554.00 360.40 383J0 

Oa lAccaai)-6 BO0O 896.70 <54 00 

Japan Growth-6 54.08 9417 57.85 

Do(Accom)_ . 6 5428 5116 58.09 

Master Tract-6 41.69 4109*4410 

Do (Aran!_6 4834 4514 4814 

NAnwncankCtt.. 6 130® 13aj04ia.70 

Da [Aram!.-6 15060 13000 16010 

KteSoCKGte...6 07£> 07.02 9216 

DalAeawn)_6 8881 8881 94.48X43 

Pacific 8ttk_6 13860 138® 147® 

fettean)_6 145® 1*5 80 11520 

SmallCasinecy-J 24260 24200 215.40 
DO Ukznm}.-_... 5 308-20 30820 324 50 

UK Equity both_6 106 10 10820 11120 

OKEobityte_6 S327 84.77 90-19 

UK Grata_6 6610 6800* 7211 

DalAccsml..6 7610 7815 8357 

Cfcridwtetath.., 6 195.40 195.40 M7.90 

Dn [Accum)_628740 287.40 305. 

London & Manchester TU Mgxtt (1000W 
Wtolade Part Enter 0(510S _ 


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5224 922* 941 
1311 1315 1370 
2682 1682 179.' 

Si Si 

4310 4310 46LB 
5252 5252 56-17 

5619 96J4 M. 

2801 1800 191 
1901 19QL3 2028 
6209 6209 66.fi 
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61.13 61.64 69. 
490* 4904 49 
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116.4 1164 1241 
1461 1460 I960 
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a Wgrtai iSdt Tiist Mngmt Ud ■ tm 

WgrlmSban.Nt ma k m"n Tge ICtM (te 

AitenUtnrun S. Deaftcp 
4JnK Trait Acramoap 4 KM 
68 IWbteHartrarttL^-^l^ „„ 

4241 4296 4560 
3898 1949 4201 
35 95 3403 565Z 
4132 4665 *903 

inUacAGwttAcc. 6147.09 «47 51361 Cp - 
Prmntnm Uf* Unit Trt Mngn LM Q«OT ^ 

Ltd (1600JF wo: 


easM 

■FraUflc Unit Tst Mngn Ltd OltKHF 

66 WaHwwA Hw 73 WMbrech- EC4M 


« Ura^U*Ol6 5k 1844 - 

SS=%ta>- a SiS SS iss 

SSmSm —9k 4909 ta-SteUM 
bStellW -Ik 50 41 5009 94JS 
rSSSrS. 5k 4616 4729*50 44 
u uraiomt?: Jk 4679 47 48 50 64 
ArSrtSil _5k «JD 4tell 
(AcoanOatfU—9k 4196-43J9 *6 24 
MUM IS 49*9 *9*9 5217 
« SamoS^ si 98.00 5000 61 13 
E SStaoErl-Sk 94 22.99 22 10*5 
H lasallrdd Sk 1301 110 1 1317 1 

«s K 3 »-Tl: :SE s** 073 ?« 4 (< 

UteiMU IS 63LS 6198 WO" 

ZZ §S t gl-S!! 

igsxssr It Its its ii&fowjGoo 
SSSSSKt.k mS 9L5j ??toh2B?5 


-29 (AcaunUtatf- -9k 

® SS Cfcft 

02 Com 6 CUt_Sk 

, 09 uam Wtt -Jll 
L09 EaroQhJtaaB-Sk 

EJrtn breoaw—9k 
„ itewMb)—Sk 

23 Far East_5k 

(Aram Units)—3k 

^ nghbomw-5k 


T«ofImTrans..—6139.05 3904 r 
M & G Securities (OT15JH 
Has Qajyt, Tower HO EC® 6M. 
Cost Sirtica024539(3fo UoKDall 
AnrlCH* -jBoJ2 267 2 ! 


_,63 70 6665 _ . 

Growth—6 5022 58.40 6219 
65 61 6561 6966 
1508 57.00 6064 
2695 Z7.00 28 
47.09 4700 SO. 

6904 69.74 73. 

M 34 6512 69 *9 
57.04 57.21 6006 
6202 62.72 6660 
5621 5715 6L 
2706 27.41 29. 

*9.91 5019 5302 
6706 6706 7119 
_,_ 5884 57® 610* 

Oo a swftdr.rcftj«* batoned it hid price. ____ 

^i< MQIeuloni Fdnd Mangenad Ltd aMUF teA^raf. 

i g BssB^wawiffg 

“■? For MIM BritaoMi see 1KVC5C0 MIM 


§ (Aran Units) — 5k 
MerwaOwthl —. 9k 
(Warn Units) Sk 
■BhAaorAiEKM}_Sk 

43.42 «-« 4804 
SSteT—T--3k 4856 4702 SUM 

„ (tetaUMU). ,.5(. 47 72 44.90 52 

19 teUSb —9k 75.77 75,77 88 _ 

60 donlWb) 5k 7801 7801 8369 

00 TirfMnln in 5k 168-1 1680 1780 

- U0.1 1681 1788 

9k 4996 3031 3164 

flrrwn llwrial I'l SUM 5100 5400. ___ 

S*r^erity Unit That Mngmt ltd Q20WH |gSET.a=.= 

IsSmsIMSb. lUhatMOflll UpstaUeftBf 

„6p38-Z8 3828440 72 
5905 39.75 6316 
._ 2400 2410 2526 
6)4934 4*141 


*ST! 

ip 

I 

il 


“ g?SSSS-- |t52» J ?fe.S^i< 

71 5k 1607 1652 174.0 1 

71 mm. _..9k 1541-155 5*1658 

“ SSSiBm. :»k 2023 2® I »3 6 

^SrtdFd 5k 54.08 5439 58 0 i}oGdc 

Stt^5k 5800 5612 MOtUbGw 

■>22 ctaTOtf ' 5(021 6 B2*8 879 7 «Bt.W 

.54 rlr-- „T 5 1*9 6 150 9*160 5 W 

' - 1624 1658 174 2 <73 

2001 20 18* 21.46 <0* 
joy*' 20 77 22 09 <00. 

46 77 47.21 50 22 <J* 
4818 08.64 9L74 
18 62 1881*20 01 
18 72 1892 20 12 
1213 1226 1304 
111 3 D2.7 1413 
U»1 1101*117 1 
68 17 69 16 73 57 
7D.46 71 49 76® 
mt) 114 7 127 J 
|W) |27 3 155 4 < M 1 8) 
1051 1079 ll«7 -300 4 *6 
1091 1079 1|47>3I»'9B 
1230 124 8 132 7 <30 • 3* 
109 0 1090*1160 <J0 *3* 
763* 7844 8344 <21 102 
7614 78 44 83 44(<2lBfa 
72 43 23*6 24.95 
2323 2379 2530X7110 01 


19*. lAramUbM* 

178 EwroSmHrCbstf 

L97 tAetwro Patti)*- 

97 CkttJEmHptatf.S 
47 (AcawnlisttUT 
.97 Jason SarUrCX 1 
92 tAccnmllhttU* 

,92 ItaadBoteceil. 

.00 (tewaMes). . 

00 OrtnmnEaatal 
® ffsBMSatt&s* 

95 uccnmunceuf 


SSraOwSri 

DX Udes. ACC* . 

SSSffl^sj 

(team Units)... 
OSSmflrCttb 
(Accra IMW6 


Morgan GranMI Invert Fds Ud U0Q«H 
- “ - Lnndaa ECZM IDT 


(Acxtxn UaKs) 

Sb.1 

_CaaaradGrewth 



(Aram Uatal 
Euapra DMdend 
CAramlTOKri 
Extra Yidd 
(tea* Units) 

Fw Eastern 
(Aecam Urits) 
Food * IsrTiU 
(Aram Ualts) 
General--— 
lAram Uofn) 

Gilt Incan*-. 
(Aram. Units) 

CnM__— 

(ActamUate 


(Aram Uriel 
hrtJ Growth ™l 
(AraroUnNsll 


(Aram Dotal 
Prate Ex— 

StoraUita) 

SecatfGeweral 
(AcemnUota) 
Smaller On... 

umws) 


(Aram 1Mb) 

M6M Ualt 

MGM Horn*. 

Deallfi; 0277 

Hlphteanc- 

(Accir LWB) 
UK Growth 


32 267 2 1K14 -U 

127 3201 347 1 -L6 
Hfi 2531 2641 -0 6 
289 1 289 3 306.0 -06 
17412 74.Mhrt74.10 -01: 
176-14 76-20 aiao -01 
77.65 97.70 1033 
■13 115 6 122-2 
■.61 *780 5060 
E02 512.1 54Ll| 

■u 16 475.8 «0M 

UTmi m 0671 i«asM 

m O‘n 212M 2242] 

|OT3041 322-1 
^■bia7 6451 
|2116 2510 2710 
|9527 96.00 1020 
■16 217.9 2332 
164 2*9.7 2610 
K 3071*3252] 

Sa 3633 406jn 

184.5 3953 

1239. 7 2g.M 

S B 0 

■I3 6656 

TOT^PSo* 42.90 

UM.61 1P40 1K17 

6909 3900 6200 

Stb m.9 I45jy 

5173 3210*-M^ 

36.90 37M 39.90 
■ l7.74 17.00*1800 
5(64 07 6*30 67.70 HP 
§4920 49.40 1140 -01 
04 03 84.40 8910 -00 
65-92 66.00 70^ -O.S 
18719 87.70 -00 

3(27 10 2720 28 00 <18 
1*2936 2920 30.90 -0.9 
79.43 79.60 8420-10 
79.98 8030 B40O -10 ■■ 
4013 40.40 «-70 -03 6.1 
ra*Z 1231 130.6 tad tata 
■B5 667.9 6840 
2423 24.90*2610 
■37.64 3800 40.80 
5744.18 4420*4670 
■1173 65 105 7 Ill? 

[45 20 4110 47.90 
8175 8180 27-50) 

TO.4I 2810 3030lHI_^ 


VJ.1CW1100 ■ 
I MOJO 10010 

' U7.42fill42 


For Gwtfftey Maria « Doronwctaf Uate 

Marray jahnstane ITT Mpnt dOOpW 
15 7«a«. S ,o« W BOT 

__... 7104 7104*7L76 

S A uiute Phw ra c-ipg® Urmiaw 

73. S4* 75.92 

_ 90,73 SL98 

99® 9983 10.00 
146 45 46M5 9862 

39 JH 3916 4013 

_____ 4002 40 82 4L8* 

10 uRCranth-1166.63 6803 

0 * NFU Mntnal Uidt Mngn Ud Q4M>F 

04 Arterin: 5 Rayleigh (had. Hatton. BroetwocdL Ea 


06 Aunrtaatawn 
J9 EMrtam 

... £ESn 

.49 SmtaaCro 



Far SdmIUr OT se* Surded Curteivd 
Scottish Amiable Ut Trt Mgn Ltd (073WH 
nC25W 041204 
.IB 5209 34 13X 61 
4106 41.86 *418 
4b® 4652 4914 
58-41 56 70 6252 . 

16.47 3817 40 65X1 
HMin 10UB3 U0 42|<2B 
3815 3912 *16bHJB 
..6072 6172 65 73 
_ 616209 02.87 66 90 

Scottish Equitable Fd Mgn LM (10OO1H 

-art# 03 -5583051 

1804 1804 1*2 1 -29 2 61 
299.1 299 1 3101 -4 8 161 
71 38® 41 *0 <J0 * 57 
45*7 4903 <12 *17 
41® 43 96*1(3 212 
, 5225 55*0 <03 1® 
46 38 46 40 93 -107 120 
56 58 ® 6216 < 49 0 17 
01 22.52*24 OB <83 2 02 
_ 74 2*28*29 97 <0)202 
27 72 27.72 27 72XUllii<7 



ramrarateraikKi! - ■ 

€3.95 43.95 47.1 

M nmi 

49.79 49.79*M_ 
3714 1714 39.10 
3414 3414 35.97 
01-49 81.49 88-34 
73.44 73.44 79.61 
46.92 46.92 5012 


Po&aimpJj 

aassssssriH- 

Scattirii Mntnal tar Mr 




* NM Unit Tn 
- ThinwCgB 

_ ExauWei 0705 


Trait Mngrs O208JF 
tetre. north H*W. P uUan O rth 


r'* 


4 -rm, 


(Aram Data) _ 5k 

5KS?5^--Ji 

ss ■ B3BH 

rs LM aOM)F Gold*___5k 27J9 27.19 2923 

SmSoT lAtaiusTEStf-M 529 2929 3149 

WOr,WOS p„, nan 204681 >««*_5k 40 90 40.92* 43 b4 

2O90 2120^J<5gs a3“*“-ftS£& , 8 1 S« 

^ 5?2 M €4 ini's oraiaimitsl—5k 30.67 3007 32.90 
? 7 ?n Sa’c IS? lilRta JWSmtfkrOns-Sk 1927D 192.70 20510 
!?<U fa 5*g 6 Miliyrtaa — Sk 94.92 94.9210100 

S'S «90 (Aram Orta)—9\ 9872 98.72 10500 

55® M 1 Z »??|<ggw SmtPw Ctfs - Sk 1918 19J8W2O03 

So* (AramDolts) — 9k 22 JB 22 _ 1 B 2304 

SsS SpwteShs-9k 2516 2SJ6 2726 

i Octal.. — - 


.00 SI Growth Sc 

IPSPattelblae 
14 St Joan 


1178 1422 1112 
-.6*10 6*1* 6009 

EawveaiGrowth« blca.08 4810 5118 _ 

MW to w sfanart Managm Ud (065W 70 * 70 . ., „. 

s 

MaMonGwseml - OlKMJ lO43dlO70l_K.fi M&P Unit Tmt 

Manulife Managtnrat Ud CI200)F 

issas^L^b 1 ss „, 

isnhAmwIga* — 5S 9609 9605*1041 

For Earn_9k 12*1 1241*133.7 

UK Smaller 0* —9k 96® 100 4 107.4 
Edittra_5k €9S3 4903*55-18 

JioaBtaGrowth.5k 23 U 23-U Z»09, „„„ M __ __ 

- .. 44 71 4799X0^.95 - - - — - 


■■■■■-.9k 14511 €U1 481l| 
^^■U890 12B.9(hdl37.4o| 

PRHnWIPiBiMSLoo 237 00 25200 

OTMtfSf—si FSo.% 6a» 65-191 


M&P Unit Trast 
JSMibSlM 
■IP UK Growth.. 



LM02WUF 

Si 


__ _ 5142 3704 

MPhcrathttl-9lglW07 66.76 7L79_ 

rniiaiiir 1 _ 

National PrnvMent 2nr Mgn Ud Q4WUH rr***a* Sf*c 

48GraCKbatk9L EC3P3HH - -07141254200 Pn8M8KGn 


553B 5510 5903 

CDftaalrrtJAee-5 9303 93-13 97.83 

CBItao krtl l«-5 93.13 93.13 97.831 

TemrtiEmdtj Aee_6 36.92 36.92 4009 
■^taEauHj Lro -6 3206 3206*359*1 
■Growth-5k 5(00 50 10*53JO 

6*1 Grown te-6 52-31 ttJl 55.95' 

- 6 *9.99 49.99 53.461 

*230 <2J0 45.66 
5010 5018 5400 
50.06 50.06 531^ 

•9 70-4978 52 " 

4414 44H*46«® 

■46.80 46.® 50.W 
C *6 22 4602*49.43 
~ M(U— 4145.78 «J8 48.96 
■Ik 7317 7917 0019 

^■■■tek 1*506 4ft® 480lHHHMMMM 

Provident Matual Unit Trt MgnLM (S9fi5Hi 

25-31 Moagatk Latao, EC2R6BX in|Bi|HfiH 

HEnrityGU-5 99.93 99.93 1061 

■ra^Gth-l 8907 89.17 94® 

■^^^■GAb-5 64.79 6409 ba.92 
P*4EarejrmaGth-3 aan 38.93 6269 

PMJtpaaGUr-5 5419 54.*} 58JZ7 

PM Omrsaot Gth —. 5 4713 4713 50® ■ 

Pradentlal Unit Trusts Ud 

51-69 lifted H ill. I Had. Essex 161206 081-4783377 

^^rad HocEmiDirr. 081-4783977 £*^^1 

■ra^raDmllog 0000 (U0567 ■ 

TwerHod 

21.49 21.49 22.90^ 

10214 10204 10204 
5701 5702*6102 
63-71 63.71 6803 
94 534.94 57202 
■75 U»05 13903 
■ m 70J7 7526 

PradmUW InJ Grta jjai- W 

PteoaWhrtlSmCe] 

fr ra^^nan | 


I5HH 041-2486100 
2099* 222.9[< to )0 
2*20 245.5* 2612 <7Q 3 90 
138-2 1/430*1922 <30 3 SO 
157 7 163 1* 173 6|<«H3® 
4692 47.49 50® 

5101 5244 56 09 
44.72.49 59 *0 77 
47.69 40.62 5200, __ 

*283 fill 46J3X21&60 

4796 4810 51.88- C — 

4616 49.11 
90 06 5326 
— 49.10 5224 
97 78 58 55 612* 

2335 2368 2320 
2332 256 8 2732 
86.47 Nil 9395 
9501 97 00 103.2 -LM l 74 
3303 3563 37 91 <87 >00 
36 28 36 80 39.15 <90 100 
1622 163.0 1735 <10 >.98 
174.9 175.B 187.1 <J> >40 
1295 111.3*1397 <08 J93 
1092 1412*1300 -120 )43 
55.09 5565 59 21 <J7 ! 97 
k >61.04 6166 U.AOX401.97 
Scottish Provident lav Mgt Ltd (1QQ<J)F 
MdrawSq. EdUagh Ehzzya oj: 
EtedGroata1te..4 1*93 20 ® 21.62 
EnaftrCrartfch*.. 6 1738 762 18.86 

IcUGrewthAct_6 14 62 9B 21 25 <4b 

MDCralhlbc-6 18.74 18® 20 29 -016 

Glo balIn cn m s te.. 6 23 09 2X26*24 90 <14 
1855 869 2000 <11 

_,.19 71 9 97 2137 <M 

Hmtot Laden Me.6117.00 1701 ia*2 <01 

Scottish WMaas* Fnnd Mngmt (D659IH 


4603 46.43 49 
9211 92H _ 


mgb^na! 1 —. Ski 129.9 1310 14001TO 3 B. 88 
Maris & Spacer Unit Trast Ud 0200)F 
XBtt 410, Chester X.CH99906 “ 

M6ShwPMU-0kllO4.7 1090*1121 

Da Accra_5} 1150 1151*1231 

UK Sri rial la .53 K .12 05.49*91.90 

3k19301 9* 44* ULObrtumav >1 p, D .__nio 5 

Fund HuBgm Ud Q630IF KPiUKte. “■ 

t-Batna, BULLA 03M3(M842 KPJ^JL 0 ^ 

MltagldTst-.sTSil 52.99 S6J7L_ns5< "JSSiS-*- 

Martin Currie Unit Traits Ud (09053H Spi w^wteta.. 

mat 


raGroetdaatkSL B3P3HH _ - • 071*6234200 

■■■^9—SV7113 71.71 7670|<atadta 

braraM66.ro 66l9*7i.oo 

6213 6310 67:15 

149.96 3012 5182 
6060 362.1 
■O 623.4 6671 
*T4 4701 3031 
2490 2311 269.0 
151-23 3108 580271 


■91-49 9L49 97.85 
05016 5119*54.% 
■45-51 4511*4707 
62.97 62-97 6714 
77® 77.34*8323 
■8810 880K 94.971 


Q065BU 03 -6663724 
3886 1935 4197 (u 435 
61283 1 786 7 305 B U) 415 
172.0 176 0 1B7.7 Ul b.*4 
132 3 134.B 1437 U) 644 
213 7 21b b 230.9 ID l 88 

206 J 208.9 222.8 (a 1.88 
144.4 144 4 194 1 Id 0 71 

137.7 117.7 146 8 Id ) 71 
1581 158.2 168.7 Id - 

108.7 138 7 147.9 (d 1D7 
,1302 1302 138.8 id 1 07 

61®.78 89.44 9919 Id 141 
6 80 12 B217 88® U) 541 
6197 04 9820 104 7 ffillll 

Fnnd Mngt Ltd a200)F 
8d. HbUso, 


hawre«CrwwIh.-3k 56.94 S6.44 6004 

Emapnanid-Sk 5400 54 10 57.42 

PtliAirafCaa Id. Sk 38.44 38.44* 40® 
WGraw|Mt9-U _5k 64® 69.31 

- ^ 57 Z? 5815 61.72 

9k 49 Jl 49.99*9® 
5k 83 99 8609 92® 
2704 2704 28® 
3107 54® 50.03 


Fa Mayflower Hogan sa Sfepaar* UT M>* 

Mmorj Fond Manran LM QOMUH 

33 Cog Pfilllai SkEMAWS_ 

At eaten_9 123.7 1231 1310 <Jd 

(AranrUrits)-5 1 S 2 13^2 1*01 <1J 

ilcwrlrin ftmi_5 49.18 4408 52*6 rtO 

(Accra UnW_,.— I «® 49® 5309 <JZ 
BrittaBtoeOdp-.l 5902 99® W-19 <11 

(AccraIMts)_5 67.74 6777 7219 412 

era*_ 0 102.0 iroo i«.o — 

•atomD ata)*- .0 1231 1215 12?5 —. 
ErapcnGriarth ..5 15L9 151.9 130 4J 

(AwamUaM-5 16L2 16L3 170 7 430 

Etrrepur toairne ,._S 38.79 »-79*W® 

UoanlMttf.» 73.49 7143* 5,79 <« 

GereraJ - 5 3bM »7 J £10 «« 

(teraUritl)_5 679-1 662.6 7282 KUO 

UmalOrod-S 1031 1091 UO g <« 

(teanUrdu) —.5 1123 1U1 1110 X 001 


. -SllOLb IDS-_ 

Sara Wbert EJ & to qoooif 

tenta: S HarWgh Rd Hriloo, Brmtmxl 

9 Dflallrw I 

1MB 1030 UO 
U261 130* 13*9 
51.73 33 71 96.54 
%16 %76 1032 




n F4r Hattooil 4 Frtwkrdal (IT Moptsall&P UT Moral ncJoptaZ-. 7 

£ Heart® Fnnd Ifarm Ud 0200IF 

2, Loate Bridga, 5EL94A 071-4074404 ScsSikr E^llfa 

HmrtM kreoreeT.TfatUH 156.‘ewl66.9*t*lflK48 MMhtelM* 

HrwtoaGHM_6K9119 l«n_79 204 04X040.70 UK MaJaCO'f—5k 

now ra ce ra al. 6 S2210 125.45 131*6 HD B12 UKSvtwCBk 5k 

NtsAos Ml M 619758 9948 WW2XS»l7^ UK item■ 5k 

Aatrte 

Monrieb UrOno Tst M a nne rs CUHHUH 
. n Bax 124,5US9 Rase l4M,Mstw)ch Of 

MaseaTrass--hfo-S 8327 0O5B 

WEad»~—bm^U3J0im. 


tor Be raor Ufc®K nteee AEGON Unit Tst 
Idlra Unit Mors- Ud t U OTOI 
■g BerlaacaHoust TmbrUge Wefc, Kent 

m i 14601-02 

—- BJ0 Sbepparth Unit Trast Mirant 1 m~U200)F 

__ iesw «an HBsi=»sfiS ShE8 

j MfcghjM frad M ungBiniil a090)F sISJ.Sil Moil<i§« 

s Srntwrr Law. Lowpoo EC4 DeaJ«i_o7l. 

MC America Clad -.7601519 31179^803)- 
RCAirwria (Acd _6 067.45 367.45 393.451 
_ NCUKEeattyte—6|®59 12119 U103 

- Mg®;160.03 

7& 03*64 09 
19558 21*04 
19423 20710 


16 aMimc rmutmMTte 
Sw^iafl MdiiaSKs 


cTiSS’f 1 -gi.92-27 92.27 97.941-4 46(11* 

S& WCasbA--OlUE.67 HI? fai ii» syLir Ah or 


LOO OCbdairaSMfF—6 L0L23 10107 10817 
LOO (*U tea Tracking F-. 6 87.44 8810 93.83 
22 brunmUote_6 L42J7L 14*17 153.48 

22 Eanras_6 L16® U70112410 

01 ParCnranra_6 87.63' 88 b7 9413 

77 SarilEaKAste— 6 LU 

10 r attaHluifi BdM-b 01 

10 GlHG0bMtftMi._6 98 

3 Sottrit'A^rTloUl 


^SbdlA 


907* 5211 
122*13410 


n5«***orC£i,._. 5k 171.48 7170 7 hJ3 

„ OXSroilttrCo-»>ak[5107 52.86 55M 

60 OKJtemg-5 k 62-88 63.97 67JJ 

W *—te. 4L16JJ4 61.96 SS 

5L90 32® 3313 
£.23 6006 <3® 

ajfgs as 

™ S^ESltB 

S SSFlsIligS401 

iS iks P-* Ss? 

«P«ilne_5k 31.® 31® J3 53 


iiSSSf - 7 - 7 s ^ ss 

Hg Sg*- J> ffi-H 102.67 10267 

s4wfT£?_;- 3 £5 OT -°5 

jiyr-ij?"fe? 7 8591 90.91 

slwtaSS "' -5 i*L2 iDi-teuwi 
itwEESU.1 £53 2H3 

?f jy j^ysw "' * »8 S?7 2440 

SAWThlr^terl-5 lu a U52 ®| 


Mtn " M 

ss^Sins 


Guide to pricing of Authorised Unit Trusts 

Compiled with the assistance of Lautro % 


rWTMU.CHAfiflEo»w era®*** 

■te DM M Otfny oaMtag wd itaiihfiMn 

sab. bda*g craadMtt g* M M*s*Mt. 

nbangi M *MM m M pm d n*i 
OFHM PfflCE aim pH bail pda-lbe 
pte * HNtfl Bd* n bmhl bf karaMBA 

8 fflFWC£ Ate trad iMihin ib n pfc 4 .T*» 
pta d atidi OTtiHi sold UCk W ****' 
CANGauntm n»E mraM 

ranpra pfcK n» nknra ra* Mraa m 
on* a* Ud prtcai b draand By a tra* Md 
dm by 8* gsramc. hi padbe. rad rt 
ha) anopm ran itata *ra IP"*- ** 
Mb. ha Hd prtnis Mei Mt*MW 

meraa 1 pda, rawpra, tempts-mb* 
era b te anadWM ten (p te mgn * 
any ra. ratty P (U ro uimrn hr.tata tec Is 
■ PgiiteiifphnalihMrbid) 

Tine TP* tea 4Mwn augp* W MM 

uiwrafr «M4hte*M*tew*Mnt* • 

«*«« pew atec rater One b hahted by 
te raa* tenoaoi te Hadte 1 * hnt ■*».. 

Tteqab* ra ei irara (V) - 0M1 Win 

*1«0bora;(♦)-1401 n 

noo ho** W - inn «Lpft|W itey .araBB—, 
prtdt nt tri ® *a IbsmB[^MVBBE9NI 
pthc ■ ran p*te * 

pdratKPngarttite . 


Hisnnuc P»CM& n« Mte K dmte 

ter te imnote *■ <raa% m M te pde* 

te ra 9 * Mod need vteate. 71 * pfcn tera 

m U rate MMlh Mra ptehtera ra asy. 

ra b> w ante ramp total wm n m 
hmdeHRfefaMnuneinttba -• 
teted prt*g bra «• item* rnte 4* *1 
land pde* as ntert ra any bm to brad 
pnteg * any tee 

FtHWABB PRRrUttTgenraSdtera 
ra te — p ra te* mw pra a Bate rate 
pte vteatei kraten ra bl m tehte 
pneehahraad tepatapMPiteMg . 
arad art Tte pera iptep In teapwrap* 
ra Mote rate prariM byte irawB. - 

«CTMPwmeuuB»jua 

HfflBB: nttotewera report ractMte 

ratetei ra be obteM tea <8 irav era ted 


mb* te MnH wy notes rac rerae dK 
teUcdnradte 
FTkteara RW Strata. 


IRMdlStnrten. 

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^ StuRbud Lairifa 1 ^- 3 m o. 

S-2 312 »» 

HUff 

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2990 JM. 



































































































































































































































FINANCIAL TIMES WEEKEND JULY 25/JULY 26 1992 



FT MANAGED FUNDS SERVICE 


i Current Untt Trust prices are available on FT Cityline. Calls charged al 30p/mlnut6 cheap raw 
and 4flp/minute at all other times. To obtain a (roe Unit Trust Code Booklet ring (071) 925-2128. 


o&ss aS as:**. 

Stanrt Iveijr Unit T*t Mgr* Ltd 020 «H 
«5aMtwSq,EdMmo ox 

toerta*».H_ J 2&T 248.7 2M* 
Uecmaltalts>f...-.5 2927 2*2.7 .3114 

BrtUO;_...... 5 76b J 

(Accra LWa5_5 128(7. 

Eonpen.... _ J_5 m^S 

UaaiMW-1 3S6.9 

JU_83.14 

(AamUalts)_ 5 83.81 

New Pacific_3 1H9 

tAaeroltall*}—:_5 2023 
MMhJnBJ 1313 
JtagftaKr-.—8 119.0__ 

%£ Of 137 

itonmimd-—4 izz.<i ife 


Lttaid favoton Ud « 


wr* +■ Yhu 

We* - Gw 


£. ' SIS S3 


- Allied Outer Xanm Pie 

21 . . 3b7.Q 1M „, 177 .hoBnr 

uv-ul* -- E?E*_ 

as MW — 2.M EmaeaiAca. 

' ' HHHlta., 


Plc-Cortd. 


f&i SB*-" £2 

EouttoMe Ufe Assurance Society 


Otto *et Titu 
Pita - fins 


BU Dfte *w fled 

n» Mm - In 


*™87anJui22_ 

wiuSuij; 

tKal Aatorttla Mntnl fewest Tst* 

2FsnSna.Urtnfifizy3M - tm-Stf 




■uSSISn liCSS 3S3j SSKUl:! SlIlHil i.iEfg 

Sri?3^^w*HjS7BfiSo2^r “^ew 1 Cn»WI ImwtmBrt Rods Ltd 

gggsrjiass m -- ss 

Bs=l ss d II a S' KfeEtt'- is d is HS* 

Sab;:.-! S3 SS-gjS 5S S »£*«-» 1M5S.I , 

KS&ij^WWHH ".I = 

SSxqaiwi..... -«I«LU 4217 ».lol-o.«&jn lk » T W Johnston* UT Mnamt 

*” £{* mgWMW Effi£a£»«a* siia* +o.m » . sbum 

KaG»iEk« ass IS Kr- 

ss & « s£ 

73.91 77.20 HLM 2J2 

34.4b_386 

41.46 _ 4.41 


387* _ - 

IBZ65 -33 

sou -oi 

1078 -2* 

■Uli Htj - MMOL 

»n * 44 _ hu4cocl_ 

707.7 -23 - FmMutC+rtuL 

421.4 . .. - fUMMon. 

967.0 iU - DtpoJttCaaiUI 

2820 +ttJS - DcpaaflAccsai 

126* -02. — UWwHm 

" CKbukUfe 

» •*■•. - PtrtfaflhKta*, 

2M -ft! - Unrttol 

£? rtB = 

72.4 -01 - 

271 -Ol 

§5 ^ : 

27.4 401 


68.4 

no 

1* 

9K.9 

104.1 

15 

728 

75.9 

14 

104 1 

1098 

12 

990 
143 1 

1048 

150* 

» 

frpg 

66.1 

1.4 

907 

95* 

1b 

1254 

1320 

1.8 

1BLO 

190 b 

4.1 

122.0 

128.4 


m 

l»b 

3028 



Ite mtersan Mmlalftrationtzl 


Ufc Association of Scotland 


NHL Britannia Asset Co LU-Contd. 


HWilacoq*...-2317 2M9 -14 - fjr&BL -Jsn* 349.81 -19 

Mai Grow th-1423 150J -01 - eiobalMwgX.|3«2 127 9 *01 

MAX**. IBL0 1903 -0.6 - Deposit ..12099 220 61 

H*?. ■_, .—. 164.7 173.4 - - Prune to. . .. (1114 140 51 

.HjW *Jg - Eton.-.J1795 Sbl.d -03 


- K?. • ■ -fjf ? JH-f i'= “ P""****-’’352 140 91 . ' j - tol 

- EjEjf" ,rlal .*SS " E*n—--.J1795 191.0 -Oil - te* 

- Sr- 2203 -09 - tataM Eon 

- S3JS5 , cs^isikL": {[?.} iMS I gas* - - te? «2! •Sil - % 


- Proa»n»__Z923 nn 9 

- HoatrUVUt. ..... 2310 243 7 

- Find mum. ... 273 2 2876 -0 1 

- j||U_ .... 218 a 230 4 -40 

- Harm Arana 1138 1219 -0.1 

- rnuimnami-193 7 203.9 -1.7 

Eanpctfi.1891 1949 -lb 


Brianto.BotaMIM 

AaffklmCmwtl 


DKCraati ___ 

WnrUirtMCnaith: 6(2141 2141 Z29D 

S? Ufa Tprt Wnpnt Ltd a200)fl 
101 Cuwn a. Lmdoa EC4N SAD 
Mnl* * Ena Ot1-606 4044 M 

MnUrtatMM.Sli 30.M 30.64 _ 

JMrGroBUAa.. 3b MOT 39.07 4LU 
b* Mar An. Jb 34.68 MM 3734 
CuFraifctwlK—M 30:1V 3011 3220 
Euro Growl Arc >b 53.B8 SUB(?« 
f*E«6«U*« JlC 72.24 722S77» 

Janabantkta-.U 6287 6207 6az? 

eKCm*U Aa..Jg M2S 9225 I&SB 
nkCOKlB _sv 
UKIMHMIK..-JL 
Hla8n6 - 5b 24.74 24.7H 

■muannalB.n 7h.7« 26.7M 

HMdSnwaAN_56 6182 6182 
lkHMpiYMte_ib 3922 9922 6U4 
SS»5YM>*Z-^ 6844 68.44 SS 
MqnniCtlln.Sb 36J4 3558 39.M,_ 

IBKSSSra &S5 SS 

nrfcSSJSSkr^b lilb %j& SiS 

Swi« Ufe Unit Tit Mm Co LU O20BIF gettacMM Asset 

ifaum. Biwm f«jm oCPmanr-- 

e3SdW--^j W.9 4072* 1 -_ 

gRtoAec- bh 5763 3920 6273 

FMMM_ Vi 112 JB 115.9 

FlMdIMIce_6b 268.3 273.9 _ 

US lornTr*4 Mb...6 92.73 94 7841 

UK bdn Tin* tot. .6 102.5 104.7 110 

rsB tfoft Trusts azaom 

□orfiM PI, Andcwer. tore. SP1012E 




- 2 jn Ml 

— ~ 2 - 1D K 1 S . 1 
0.70 SZS! 

0.70 

_ 2J4 
_ 274 
_ 351 
— U1 

«■= i tsss 

-B'EBg* 

n, _ 


27 J 40.1 

aL9| . 

24.2 .... 

. 24.11 -Oil 

5 3982 

to*.! ms «! 

0 1101J .... 

Mi’s A Si 

389,0 4095 _ 

670.4 m3 -02 

1354.4 15943 -65 

2120 0 2251.6 -1B2 

167.7 1766 409 

223.9 237 B 15 

177 J . 1066 -06 

238.7 2513 -12 

295 30.9 -02 

356 375 -02 

461-7 __ 

057 1 402 

337.7 -*0.1 

5684 405 

7i4 n 

289.6 40J. 



2796, 


1174 0 JSp 3il - Flndimmn. 232 b 247 S *28 

ids. * ^ SsnUlHU- — 2417 756 6 *05 

.11106 116.4] -a9| - BAwrtai- 1S2.4 162 41 -1.2' 

1.. _ — 13152 3H.B -2.7 - F»E«. 2566 27321 -16 


.. - — 13152 3312 


7796 Sib - £d Bftar.Tm .. .. 2440 257 7 -15 - BUnted. 

4Ua -161 - Clli & Filed UL- 1003 1904 -02 - DonsiL.. 

46.J "15 - Wwlmwn- 2096 HMg -2.1 - tumVi 

g|| =2 : kTd 3$ : 

&! : SStes:rr^ ;ia : mns* 

m m Is 

2760 -06 - SmallerCnnBHa.. .. 120 0 1272 -05 - OrtUbrn 

4J0-2 -160 - SacUSH.-J1744 1036 16 - bncrratkxi 

U41 19 - Bwlti & Law Miw.h« 


C; ? - llanoal . ..1174.2 1U3 -07 - FMrllllEvm m 

2S66I *06 - .J 143.2 150.8 u - FldMi r F4»H 

162 41 1.2 “ Proem* _ . .12182 2297 - RdBmail&Fn 

2732, -1.0 - HmmMwKR..Jai7 237 b -KM - FnWIVCIsM & 


- BimgiCmuiiCmui- 99 8 lffil -13 

= iSo 3? 

: nafijESb^.K §0 ti 

- FWIirhw5e5lt>... 1172 1231 ■- 

- FldMIlfAsUl .. 1131 121 2 40 4 

nmnj European “* 


- FWE«. J»bb 2732 -1.0 - Helium.. 217 237 6 401 

- ttmurt.- 1277 9 295 71 ti - Ffalbiumt. -■’30.1 2425 

- DfsniL.. . . . 255 2 260 7, J - UKEoaiv- 209 0 304 3 -07 

- Evm Pndoi fm6.. J207 J 220.41 -061 - MoiBUurUa.. U65 15 7 -01 

Jan_ . . 1172 1236 -2.1 

- Earn - . - ?Oi 9 2 Zb 6 -L 0 

- iiiii Cugui ufc Ihhi im Feta_ -..-....161.9 652 -LI 


■jj. : Hill Saaoel Ufc Assor. LU Fa,£ja -.- ^9 

-L« - 0^ 081^864353 u«tow Assoraoee Co Ltd 

- SkwKtFho... . 358 6 3793 -| - imiiuP MrcN mmaiu 1 


- FeantCiii&Fnia. 

- Rdelllf OloM Cnm 

- FMHIt* finnl 3 me. 

- Flarlltv warn Pin 

- FIVWsMI Bond 

- FMrnaJipM 

- rmiuTJmaSaCok 

- FkkttTjJmSG5K 


:-me 


1142 19 I Eijnltr & Law 

1196 -46 - *WtS*B Hoad. Hiflb 

1124 -3.7 - UKEwUnSwS.— 

1.7 - WmwlacMieSerS— 

Ml 12.4 - Pmart/SnS . . 

587.3 - 22.9 - Find lamn 5rr 5 

005.1 125 - ymvLrUSaaSer! 

2196-3.9 - 


^3 * Cltr at Westminster Assurance Czl 

ulb ioo “ PO8n469,900tateySWlUlitHKernsUK97NU 

SI s :Sfer-ssz m « = 

ana jK UMIMH FdDl_ 452.4 476J +13 

M = SSKiSi : 

SI s = KSSiXSti^ Si : 

Ss ^ - SS^fSii S3 SJS - 

SqP XTi M KntmeHnMFd- 129.9 1366 15 

289.6 401 - nurnr ,ri Idnmfl TrT 006 188.0 15 

XA -fl! _ CbatnaUwiSgd Fd_ 1921. 2002 13 

f j : Clerical Hedlod/Fidcntj tombnents 

37.9 15 _ Knrnr MM, Brtad BS 20 JH 0272290566 

at 5 - !■ ilia m it Faab 

%7 15 - AMh-mcm* ai 1349 13 - 

403 12 - cast- .—- 1503 1793 - 

476 12 - !»*«•- *0i - 

Hij iil : tSSr=r=W “E* Si : 

- ffi5ft=si=s=r--JSSI " 



BriUOFm.._ 3796 402 0 18 - - - 

munoUamlFM .346.7 366 9 -. - ESSStStt.. 

Doll* Fata _ . 247 2 2bLb 1« - u^nrtDwormilQ 

CBdulFond_J3325 351.7 16 - uwomc " t ' 

WcMMFiad . .. 471.4 4909 14 


FudiirRMMn.. 

Ume Assonmce Co Ltd FidHnrSLUL 


JS . maFiM . .. 471.4 4909 14 

17? _ PramnrScna*. ... 383 0 405J 

_ Pranirtr5<naS . _ 6105 M95 . . 

_ FlrJKIll Eats.3«0.2 360 0 15 

14 - Boot'd SMB A-. . 3977 4209 lb 

- Hinged Series C.._ 2550 5487 13 - 

1.7 - Monad Sorts S- . . 7060 745 3 -1J 

-22 - HHQYIHFiM 4345 4593 13 

j-3 - Unoey Serbs A._ 2610 2762 - 

Ifi ~ UH9UMS . 342b 360 7 1.1 - 

_ EonuFimd. - ..<352 4b0b -10 

ltd - Find letl FM -...J307.6 325b 14 

+27 - Mood See. F4 . 1464 155.0 1 7 

17 - EirmnFne . _ 5008 s3a.o u - London Indemnity & EnL Ins. Co Ltd 

12 - Naiool Btra Fd.... 1952 20b 6 - 10^0 TfeeFeAury. RucBna 583511 

1.9 - FatEmFoB .. 3386 3504 ... - Man*MmJulU. JlM7 17641 ..I - 

--- - SnUIKrCB.3168 SJSJ 16 - Mil FtoBf J»I6—,134 4 14461 ...I - 

-Jrf> - SgBL .StaFad_ - 517.0 3355 12 

18 - Mjuge CrocyFand- 2255 2388 11 - London Uft 

Ij-r 3 JanTreb- 1567 165.4 ... - 100 Temple Sl Brtftul B516EA 0272-274179 

3S : Clanu Bom Fans . 1426 1509 13 - UftFnX 

_ USSmrttrbft .. 139J 1475 _. - Cmdtf. I 673 4 I I 

- nwriniM riudlnum-I 1352 1 1 


1504 
1155 
1233 
1335 
123 6 
UlJ 
127.4 


583511 

\l\ : 


j T' fr l 12 - Far fin._ 1695 170 J 16 

3bb Tu - Cm 6 not) lama- 1758 1853 12 

3.7 14 - MeartSwwfcta_ 1362 1435 *o» 

298 15 - lntenKtlaal_142.9 1505 -1.7 

3 Lb| 14 - iBumathaBlhnam- 2015 2119 _ 

16b] is - Jaw Fanl_ 799 04 2 -10 



SMMte General* Twcfeo Romm 

g-^KSaa-SS IS5: 

Bade Jill 23— 575 584 


1159 Amorfcao Ufc Insorame Co UK 


Jaw FaX-179 9 04 2 -10 

North Anarbaa_ 1493 157.2 -L4 

Prapartv_J1776 187.0 .... 


14000 149.041 
■U4 15387 16359 
6858 6958 74331 
7&8b 80-13 8554 
72.20 72-20 7681 
KS5 7555 0037 
|S 14971 159127 
144 226.62 24108 

Eg 

tested 

«82 46.42)d 48_35 
9114 92-34*96.19 
■62 249244265-15 


'.96 222.7H423b.92 
^2414833 
357.92 380.77 
„ 464.52 4117 

62.44 M55 68.24 
6830 70.15 7483 
7182 72.79 77.44 
, 8751 8989 95.41 
Eai hia a aaM al lar—6 4789 48.94 5286 

Da Aeon-6 5055 5L45 54.73 

TCB Selector_h 4457 4557 40.48 

Da Arana..6 48.05 4982 5Z1 

T5B High McDfK 2.b 4015 48.96* Si 

Do Amu.—6 5930 95 71* *1 

rSBMIlKama...-b 49.04 4955 52. 

Do Acta*-b 5389 54.44 57. 

ISOSahOalaciaat. b 47.71 4055 5144 
Do Attain_6 5116 5185 5516 

T.U. Fined Uanncn Limited Q2M)H 
NLA Timer, AAdteamW KsX. Cimte 0814064355 
T.U British_..—.612368 2412 2S3JHUI4.02 


OBUM6000 Mr...._ 1021 1075 1.9 

SwkbWMIaed,_ 1908 2095 -16 

1498, 1.81 - So** tan Aala Faod— 1938 204 0 -2b 

M&siEEm S[ = fS-«DM~B : SI : 

IaS»cSa5i£ji 41S l«b( fiM Flaw I*I»II aal III a 0*6) WM PwriB Sp^_? U7J 1445 U 

fekp==m si * = 

Tkanrion Unit Hmn LU ^ 8-tad Ixd. Lxdx ET «a^4S544 ghMmjg-j gJi JS5 = 

Ujaa^td EwatnJ* lsT-SSl 102.77 - 3J4 . gH*. >»,, ,7a ° gSS 1J 

UdOHitUtii—:Zli0SJ7 ^oml —1514 SffiSS;-PMJ 2 II z SumSSTZLT: mi M7 ib - 

, _ ■ . __■ __ _ _ _ EatantaAccntL._Ikt i im v -0J - FarEan___ 16b.4 1752 15 - 

Fw.To«6e Oem aee SXete Sen Toatf* ta* cni «£Zi am—_I Bn « u - laxuicnal_ —173J 1825 -20 

Su 18 - AadMStaattan——. 271.2 2855 11 

a n? 1 -1 ■* - Sm at-—.- —1 26 b 7 2008 1.9 - 


asps?*! 

_:I_1iO!L27 : 


INSURANCES 

AMnv Life Asbwmm Co LU 
gSKoBatant taX. Bparaa^ipiah 0202^92373 

^SySe^.l_— Sj 130.7 ■ 15 - 

Fnw.Acc.So-Z_,444.4 4678 _ 

EaAyStrZ--_ -Z 1578 1555 1.9 

S^CiSzSEt-SS : 

Es*tj5*. 4-1595 . IMA 18 

Un.Sec.4__ 4614 485.7 19 

Fhad M. Ser. 4_L.I 29L4 3068 -_• - 

ladBMIaa.Ser.4_ 1665 . 175.4 11 

WfeanSer.4—— 3298 . 396.7 12 

Japan Str 4u_L—_ 212-1 2235 15 - - 

Ean>peaaSer4_ 110.7 116b 1.9 

HhAta.Ser.4_ 4712 4968 16 

MnntrS+r.A__ 2978 3138 08 

MSer.4_ 111.1 1178 15 

CaawHaaSar.1—. U98 126.2 15 0 

Altai Pacific_1015 • 106.9 -L7 

EONtX-ii-— 1022 , 207.6 18 ‘ 0 

PnmcudGnMjL—J952 1008 12 


___ 1595 1469 




1093 18 - CBhFd.-J26T.4 


1519 19 - IMmdFi_ 3078 323 4 _ 

1938 _ - Fbndm. Fd- 260.1 2738 _ 

5214 18 - UKEoattr Fd- 4155 437.4 .... 

215.4 12 - PrextaM—_I_ 2DI6 2125 

3711 -17 - OaaHUBFd._190.7 200.8_ 

908 17 - IndeaLUXFd. ___ 159.7 1682_ 

1725 15 - Sloe* Ex. Fd_254 0 267.4 __ 

1512 19 - Nona Am Fd._ 180.4 189.9 _ 

195.6 -. 13 - FarEan Fd_ 1798 1895 _ 

918 15 - SpeeWSUsFd_ 2705 284 0 

uupt. F(_2690 2045 .... 

267 9 17 - 

U4.1 13 - Cl erica! Medical Investments Groan 

ML3 18 I tenon Pbta Orinol BgjOJH 0272-290366 

<22? -Zb WUb-ProfttJtBes]_1162.1 170.71 12, - 

«7 b —- - Whb-l>ranu(ShgX-|lU.4 170 JI 121 - 


50.76 
54.70 
5757 

- ran.—awrao._ 190.46 190.46 

- Ahbaf taUanl B/Soc- 101.99 10199 

- OS* B/Soe.”_ 132.70 13270 

- KenUMtaacrBiSoc.. 12452 12452 

- Catholic B/Soc_... 127 49 127 49 

- A8l*aa B/Soc Sar 6B 48 68 48 

- SUMimMeatrltaB- 2b7J2b 2b7 26 

- MgdHBaerMMlDr.... 14322 15286 
I Friends Pravldent 


4038 

4419, “"I - PfopaVAcc.. — 594 6 

iu>b| 18, - Praam*SarA . _.. . 2*»io 

Mol 151 - PraorrtrStrB-. 1892 

Managed Acc. — .. 974_o 

USSSTa-.-t: SU 

- _ Mar aged Ser B._1150 

_ Manag'd S*C_ 185.1 

. _ CainataXAcc._ 4965 

- GuaraauXStrA. ..215 7 

_ - GanMMdSarB._124 7 

... . 12.00 EqgMfAcc.___ 7403 

EwtaStrA .. 2435 

Equity Sro B.. 99.4 

0273214570 FlatdlnAcc._ 5240 

- FladlitStrA ...2278 

- Filed latSrrB_10 6 

_ - h*droi45*sAcc- ._ 778 

_ - IndandSeesS* A .... 166.4 

- IIHHndSrcsS* B... 118.8 

- IHl.SvA_210 9 

- tail SerB . _ _ 043 

- Dollars* A..- 1568 

- DollarSwB..-. 09.2 

- E*agMS*A_2BS.9 

- EmwScrB-14.4 

- FarCasS*A.. . . 635 

_ - Fir East Ser B....70.8 

- llanCurrSwA._1979 

- Man Qn Sur B_ 1061 1U.7| 

- BandingSccSvA ... 236 6 2491 14 

- SwungSocSrrB. ... 1206 1554, 15 

- SnXXCo-iSwA.-. 03 2 — ' ““ 

- SnaJIar CeFi Sar B _ Ib62 


_ Oaoont... 

_ Mind ... 

_ hWa Stock- 


“ maroatMoal V 
3| - FSSSttSmc.i..T“ 

: 5SRU?-:.™- 

+10 - MlwdtAl ... 

14 - bate. Sun (A).. 

- t m rrnatlcmi IAJ_- 


18 - Eool»(F). . 5172 

14 - FlWlmnetlPt- 927 4 

- PraocnytPi. 28 i o 

- Oroo^tn.. 30L4 

■ ■ - UiacdCB- .. 376 

- MnSiotStM. 1940 

- wanatlcHiiP) . 201 

- EetartyiM.... ... . .114 6 120.7 

- Fottluwated. .. 141 t 48b 

- FrooerwW - 1215 1280 

15 - DtcosH(s>_1524 60S 

12 - IIMU...US 6 1218 

- IntrudSlCCktsi-. .. 1316 1586 

15 - laurnmanal 91-J 105.6 09 1 



- London & Rtatodiesto’Aswranee ( 2 ) 

i UK 0392283456 FUEL Pensions LU 

. . HlllMCsm Dorklag.Saury 


1202 -13 

495 14 

10e3 14 

1220 17 

1024 1 2 
lOfib -2 4 
r?6 1b 
485 19 

1321 -13 

1014 17 

540 1b 
no -3 2 
M3 19 


- Homeowners Friendly Society 
‘ PO Bor 94. Sonagfirld A*. Hairapu..04Z3 567355 CapftilCn 

- MFBMJttgXFdl [1360 IKS _. T - Fj m*tPi 

- HFS Managed Fd 3 .143.7 1518 - UaltWla 

■BlahMlnHl.- 1490 IMS _ - UakWIih 


FkiOdtCap. 
FhnBdaAcc 
Inrasuneot Tnot Cap. 
InuBuntat InaB Acc. 

Capitil Craeath Acc. 


- HFSGmCHp — UL6 117 4 
“ NF5TaaEa6imQHp.- 99.9 1051 

“ UmurFaXEaenpL.. B90 945 __ 

Q» CMS Cl Emin_ 08 4 935 .... 


I Ogle Street Salishmy. Wins SP13SK. 0722413366 H 46 6 " 


- Halt Win Profits Cap. 

- Uah with Prafits Acc 

- FloihkCap- 

- FhrWa/to_ 

- lamUKM Tnsl Cap. 

- imumMIm .. 


497 6 

1945 U 

im5 is 

918 18 - 

764 .... 

1064 18 

50.4 ID 
1222 15 

005 16 

068 15 

95.7 16 

152.4 -18 . _ 

WJ U Soatk East Asia— 

__ 60 


MangXtMlm 

“ Sleawdudp 


1658 1748 14 

1322 139 2 13 

1695 __ 

961 

1216 18 
130.2 14 

ms 12 

1623 170.9 1.7 

2148 1.4 

760 -18 

269 7 -4.1 

058 1b 


- H&GUfeoodU&G Pensions 

- VlOUrla Road. Odinsfqrd, CM11FB . 0245 

- Anar Bead lAcd..-. ‘ 

- A«r Rec OeX tAaJ 
_ Aner&XrQiBdUcc) 

” Aaaratastaa Bd (Acc) 

CnaiWGU Bend Uct) 


_JHDJ 0828 __ SHUwCM 

— 12S18 1£ - DmatHFemAcowi. _ 

Zm« S3 3a - Hack Hone Ufc Assurance . Colonial Mutual Group 

’-Sl .«a 853 " HeB jUnfuntaA OXtoAlteaL 0634834000 Stated mLZZffip 400 Ori-S 

~ !>U ’ 5998 - 15 0 {£SxhmtFl^'.|3bl.74 300.70, +084, — “jJuSt*aa-a_tj) 

— SSf-'HU 18 - Emtal_ 53882 56686 188 - R&Sjrg:..“[ S yx I 

~UL5 . m2 15 ' r SES!SSSm^{»S 34484pin - ^=--H*S U2m “ 


“ Mnoxonuad) 

: SSX-._ 

- ONrnsnEaWtgr. 


220 7 2324 IS - Sg ?. ol »? - -- S-? S"S ViaortaRoad.IM 

299.9 3138 13 - -.IS* “5* . - AwBcodtAcc)..- 

245.6 2586 14 - -- " «x BeeBeXlAccl 

1744 183.6 -18 - f"foPT’Enrat’ 1 —94 9 99.9 - aoer&ialr (h BdUtx) 

104.9 15 - Cj- BrtUW Cw Eaeast—.1913 ^ 96 5 - - Aauatwiai IM (Accl 

: !Ksssssrr T ffijr"TMn| .- ^^ 5 ^^ 

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u - .. . .__ ... EeitaBoXBam 

1.1 - Ideal Insurance Co LU Emma Box Mod 

1.1 - Hoar Green Lace. BbisMiam B13 BUG 021449 4101 EmgoaDirBMUX— 

1 2 - Manag'd Fd .. __ \\Sj 132 0 _ ...f - Eatra Vld Bd lAcc). 

1.1 - MmNmX ._21328 13901 ....I - F*EaAmBaXiAcd. 

I GlUBaXCAcd- 

Gold Bond (AccJ 

: "J£WS5«*> 


2728 -10 

3958 ^7 ib I Iiiteriife Assaraoce Co LU 

SU 19 - 149-151 High M. Oa^rell Hih 16 

1127 12 - M vn g w FimL,. -|U6.4 


18 - FX«XMNg4F4- 

1278 134 0 -14 


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= UHH a : = 


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3 IsdtiLtaked— 

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33CawsWishSiuUndueW1M00K 071-493726? rtnRax 

Daaltag 071-493 8545 
IWaicmSiX'CW..-5,7156 71-36 7683 

.‘7380 7X80 78.72 

51.13 5L13 5153 
0158765876 5876 
44.06 498b 
4983 4933 

91 100.9110783 
26 1(026 11054 
fflJZ 28.72 3865 
.5129-54 2984 3180 
.5 44.43 44.43 4788 
.5,44.43 M.43 4188 
8,4334 4384 4622, 

5|Mj 47 44.47 47.43HlM 


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. OUTEdrCwtt F^lIZT 
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M&S . - Casin'__ 269.23 ZH3.41 180 

TiS EonftyCan.__ 101640 116941 -51-25 

.5M3 iS-i! “ 33Sh*. - J! JZ.. 1361.49 IW.5B -6805 

9m™ S “ FfitSSTtatCx- 32285 33983 176 

IMS FtaXtaltak_... 43484 95781 186 

„ ■ kWrx Link Cap_17542 UM.66 1.60 

86 272.70 185 •- |pdt»UWrM»„ 23686 24881 -480 


soi §63 ? iJ - Irish Life Assurance Co Pic 

m2 1565 18 - Vkurta St Sl AlMat 

2623 12 - Global MngdSarS 

140.4 15 - Global Equity Ser 3 

1092 12 - Global FXWSV 3 

16731 161 - g23SC£l 

180.61 151 - Global Mxd 5*4 

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BaFlotr8DrwwskbeSc,EC2 ,071-2832575 ciaSIprepSf? 

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GTPtn Fw Eat F8_ 326.0 3432, -4.9 - uwSwEbSSS 

GT e*a Wortdwidf FA 1364.0 38321 13, - Rh^anoT 


GT Unit Managers Ltd 

BO Floor. BOewPSkbeSti-ECJ .071-28 

y Ptaa FV East FrwJSb.l 2130 10 

GtPla WrtdMkFM._,290 4 3142 18 


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Nth AnrPn Id-,12283 12877 


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ASONH^Lan-tSAbxhwEMWS 071-3380800 0475880000 

trss^?ad^i sill 4ll - K&sts^sss 351 = £B£st 


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87-70 47.70 5101 
■4883 4883 3160 
6,52.99 S2.99 56.67 
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2295 3428 IJ 

143.7 ifil 12 

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918 962 -1-0 

1253 1112 15 - UKEqaKy 

114.0 1202 12 - wdEqWo 

1498 S72 - - 

1473 1352 

149.4 1505 

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Uahenal UK Eqnkty. 

jSSSS!S^® r : 1J ._ 

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ai _ Ualwrai Paclfie- " 

S hS Frtftah .ZT, 1723 ULd| 1.f| 

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Jp5 Maaagcd Pea Ser 2 - >* 

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Ina _ PrapbtjrPta.S*.!-. 292b 3000 .... 

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^- D _ Santa Kao An Sv A.. UJJ I4L4 1Z 

Z Bal Hao Pen 5* 3.— 6592 693 9 -04 2 

i-s _ 0apHjpPeaS*3..._ 1228 1298 -4 6 

If I UK Easily Pot Ser 3- 724 0 7621 -34.0 

_ ti*l Equity ProScr 3- 8029 8452 -23 D 

Z Fl»«TwPxS*3.. 6098 6414 IB 

™ A _ Piapanp Pea 5* 3__ 2922 3O8-0 . . 

3C5 Z DtpaiHPHSar}_ 3019 317.B 18 


PP* 

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PrapenrlAccl 
RecmrfcAcci 
UK grant (Ace! 
PtnpaalPnXitABl 


UIIimC oon. Ddrilag. Swny 0306880077 

• - Haiti cXIrt FaXt 

11 - Barings II pgd P'lohC 957 1007 13 

13 - Do Asm. . . 104 6 110 1 -03 

12 - ndrt.ty Mngd PTclW B33 07.9 -O.T 

U - Da Asam. . . 99B IDS 1 1.9 

1-4 - Giitmrr Mngd Fund 75 6 79b 10 

lb - Do Accnm _ 109 2 114 9 -1.1 

+3-1 - KeadasnaMagiP3dih> 09 4 946 -10 

DoAcan. . . 1279 134 6 -13 

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1.1 - Bo Aeon . 114 4 120 4 -10 

1-4 - MorGreaWridTrack.. 809 852 18 

1-7 - Da Accuit— . 97B 102.9 -IB 

18 - tagetul Higl P*tal* 929 972-13 

14 - Do Aeon...-. 133.9 119 -19 

Sc*odarMi*dEEG.. 908 44.9 .... 

tensions Da Acorn 96 J 1014 ... - 

FB , 0245266266 “/•4- “44 130 4 . . 

244 11 181 - Do Acorn... 178 9 10B3 - 

7 &q -0 7 - EMter Cap Garth 46 7 101B 18 

1533 4 0 - Da. Amo*.IDS 6 U12 1 2 


1430 13 - ban Slate Bm Assets 107 8 1133 IJ 

4700 - Oa.AawB..U7 4 124 JI IJ 

17 - nVESaBHIEMWXW 10b 4 U28 12, 

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9958 15 - ■WZBUXbilanm. 6&6 - 


__72.1 1.7 

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2«L9 17 - NlpppaWairaoL . -. 88 S» ... 

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tn, “ I MM Ufe Assn ranee LU 

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1810 12 - DHr ■ American ...048 B&6 13 

4943 10 - EJ He Orient. . .722 B2J 13 

100 0 -18 - EJHeGlobal Bond. 1044 1104 13 

1718 1.4 - DHeOhrapas . . 875 425 15 

139.3 -2.9 - ElitrCrooth—. 40 7 43 4 

6125 -35 - El Hr locator. 917 90.6 18 

30&2 - Amertan... 2967 112J .... 

444.7 19 - Antral lax.. .. ..... 33BS 356 3 1.1 

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Csoctancr. 107 9 U3 5 1b 

546*1 -2.7 - Oecotlt- . . . 306.1 324J 

zSS +05 - E0Wl».JO?l U4B 14 


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Far Trad* Ihdon UT Mngts «* T.U. Fiatd Hups 


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142.1 15 - 

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97.4 11 

B7.9 11 

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1117 _ 

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5i 1726 "UL70irT:l 18 ■ AEfaea Life tanraace Co LU b) Carada Ulr Gn>« 

Wntent O606JF 2-12 Pnitoxeue Bd, Laad* IQ9X0 0800010575 


bwmKiiiai unisn urtwp rnnH-iimu 

UBJPS3 ,071-337500 taUMAcc. 

fflLJ-asf - gHfflflSE: 

1568 m :d : 

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2722 287.0 14 - Pro Inter Act. 

>22.0 - PM Anar lean Act- 

1130 120 J 12 - Pm Japan Acc__ 

3^7 311 I* - Ptp JapSJnCtrsAct- 163 4 171 9 

1£®5 J*4.b 1* - Pea Eonamaa act-143.9 15L4 

JS4 - PanaPadfST-_ 1614 164 Jl ui - 

?“.7 2118 1.1 - PepCoamrtlMHAcc— 117.4 1233 15 - 

1395 1463 1.4 - Pm Stag Soc Act-152.4 113 _.. - 

- .J!Z-£ ■•••» ’ PXUwWhb-ProlAcc- 1520 1599 +03 - rpwnoc 

MWTll-]|M-9 JS-Z *,"3 “ hvAH-5taB»Trad*— 1313 1388 121 - CaplUI Ballder 

6462 SS ™ - General Portfono LWe lose* Pte 

- 813 852 12 - fiMtraJPnrttaloHowe,Kerloa.Esso 0279626263 Ugrentlan Ufe pic 

Sb4 1 S 2 li - pfttaloFdAct._[522.1 5215 j 18| - CteocrstarCLA 7R2 

134.8 141.4 -0J - PpctfoUataf. A.—.,522.0 5492, -Z4| - . 

116.0 122 2 13 - UK Exit,— 

U4.0 .1205 15 - FarEawm- 

4146 4368, 1, - 


1018 IJ 
3698 3872 1.1 

25L8 2643 12 

1030 1063 1.6 

729.4 76b.O +33 

544 0 5762 

7780 81J0 15 

1918 204.1 15 

1908 200.4 -IB 

2014 212.1 -53 

159.1 167.1 -39 

5643 5928 -23 

5831 6128 +1.4 

30a0 5382 -16.9 

219 2 2308 . 

332B 349 6 4b 

194.7_2042 -18 

23996 1.7 


0705127733 
47 8 17 

998 14 

882 U 
B2J 13 


5962 17 

236.9 15 

1018 IJ 


- European . ... 3803 4003 -32 

- Extra income DHL.... 924 97 7 

- Far Eastern Growth- . 1788 108.2 19 




5762 .... - tacmarDUt.. 351.7 370.2 14 

Bug 15 - laumatloaai.214.4 230.4 -1.4 

204.1 15 - Japan 5m llr Co - ! 3007 3163 -40 

200.4 IB - Uanxgeo. _ . . _ 528 B 556 b -12 

2121 -53 - Property . . .. 3713 3950 —. 

167.1 -34 - Neudmtial Proparty... 111.4 1172 15 

^ i3 : iSKTc£SSr- ml -ft 

^ : S. UISIB -. ".:^S 4u j 4B 

349 6 1 6 - UntamlMaaagtd - . 1061 IU6 14 

2399 6**^ 17 - USSejmftn^T. 1032 lib 12 

Pan AES Mngd..422.9 7293 +15 

MGM Assurance (z) .Si SS2 3-j! 

MGMHome. HeeaeRd. Utathtog 0903204631 pSSuvanlifdzSs 2S52 +08 

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Ijj] I Lancashire & Yorkshire Asxe Society 

143.9 15541 -111 - MdonpuHill, Uonrgatriid, Rothertim 0709-S 

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ib7 38 170.80 ..... 

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PeMxFPPdl . 

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Waverley Untt Tst Mngmt LU Cl HOOF PrgeenyFxd- 

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U36 ^ 

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laasrMsiwta uSWM fc==±S ss 

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M5fr 14.93- 

12.61 13.20 - 


_ _.414.6 4363 1 - Norti American 

D 08L-7407070 HnanHlanJgX- 136.7 143.9 12 - GUtPk* 

VtiutIluaX_1258 127.7 1.4 - Reritag 

216^-- UK Gorier- . 546.9 575 7 16 - PMpartJ 

1248 - taUEtalei-.. 239.0 251.6 18 - Managed.- 

143.4 _ - Property.___ 229.9 242.0 - - 6*. Managed— 

306 - FbXtaUmL-2«4 2535 15 - FranUnguo. 

202 _ - laden LkdSHL - J50.7 L58.7 13 - tarpeu*. .. 

2758_ - Snare Growth._ 226.9 230.4 _ - Ftarito. — 

2138_ - taMBMilm- -. 1988 20B.7 13 - JlTS»b 5 *J.. , 

U3.9 _ - Bnlldtag Spdaty Fd_ 146 9 154J __. - tajegn ACahntaL-.JUAO 

1514 “ - CoDsaildoted Lite Assurance CO LU owtaearBimrall 6?.7_ 


3133 3305 12 

148.4 1568 11 

1568 164.9 10 


Z MaapgedSer3Act - ,3848 4042 - 1.6 - IFobltuhlStiff! Ha 

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_ AawriaaSv3Act._n260J 274 0 -13 - FlaadtatartO-J 


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3 g| 3“ ; Prices. Ulr Series 4 Act Prodoa Series C Act July 24 

106 7 -o b - N & P Ufc Assurance LU 

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LifeKmagedFd . 1069 1123 1J| - 

U22AB 0&1H29361 ZtigST" iSS ^ - 

102.41 -33, - PeaslanDfposll Fd. 1250 U18l ... I - 


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1«8 Sb? IJ - HeXenpaAct.-.,144.1 15171 -03 


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jg _ UKEqWtyAtt.- 3278 344.2 -15 - Fired Wuresl—. 120.0 126.4 1.4 - Hmrest* Ptntioa Faadl 

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173.9 — 

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1209 1.7 - ■■ - IgfJ I HwSxari^l^sSj« *3&Sf 19 

1195 12 - 1]91-? ^5 Managed Ser 3. 93.7 9&6 1.1 

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“ FXtatPmFdJdZL. 146.0 154 . ._... 

* Esxily Poo Fd Jal21. 1335 141.0 __ 

_ M««PMtFXM21-. 1578 1668 - 

PptyPraFdJxlZ]— 878. 928 - 

" CapFdJXrlS._ 4623 4745 -... 

‘ GaSSpxFd July 15... 2038 2100 _ 


229.4 2416 +05 

240 9 11 

167.9 10 

307.9 1.1 

257 4 11 


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OD9l „.l - 2153 


— “ Crown Hnuidal Hanaoement Ltd 


Z Otwi Hsr. Woking GU211XW 
. SmriSta.-1090. 


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wooiw^UBft^itowudaTMiH Jft8r?3 - 

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northAPHrican-j_20659 21785 -288 

OTHER UK UNIT TRUSTS g® fl = 

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■ I *3 18 - “Sw tehom act _J 1425 1«6 16 

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—™ I PMMnS 

= - 6ESc 3B8 15:2 551 : BSs——RW S15 ‘-iJ 

- : P»ral.-._di59.o IVA 18 - ESaL-^a^ R2.3 ii 


«a=.i=i«i m i2i = srsr.- ii?? !5ii 

.. ... _ ChenKHEquHe - •• 1250 Ul.b 

Murallte Group fuxiburr. _ lraa 179.9 

saaar^as. *ssspsr? aj 

SSJS’^T-rKb 4&j : Kbh..-.:&! IS? 


_ Property Sn 3 - 091 938 11 

EqaHrSeild.2. . trial GM.6 -178 
_ Eoa Hy Ser 3 .-95 4 100.4 ..... 


_ ftaUdafanJaXAcc-. 307 2 323 4 1 4, 

_ KOTdenaa Pros Act . 179.7 1B95 16, 

_ Perpetual Pens Act. ... 263.4 2778 18, 

_ WdohrickAcc. . . 2b7 8 2819 15, 

_ toanarty Imperial Ufa AtunactCa Ltd 

- Lit* Fro* . | 

- Growth_1383.9 417J -14 


- National Provident Institution 

- XaSrxeckurck Si. UxvSoa EC3P 3HH 0718234200 

- Managed. - .. 340.9 3589 -0.9 

- UK Eta 11}- .. 4312 456.0 18 

- Owraeasfi JOBJ 3248 -l 6 

- Americas-.. .. 2655 279.1 13 

- Far East . . . .291 2 3066 -68 

- PrapHtr ■ _ 195 7 206.1 11 

- Filed tat.. 2948 3098 

Meted CiH- 1604 177 J 16 

- Deposit..19b B 207 2 11 


_ _164.7 lb4 16 - Mana gx -- ■» 3U9 18 

PcsFUeUtr_159 0 167 4 18 - Fialdlaierea.-13288 345 9 »2J 

; BK«nfedi5fiIU01 1455 .... - SraroCxtaL- W gb.7 +0.1 

- SS£ffi^f?:& 0 4 l^J Ii - SSft^S*! Act. .[3508 380 4, 17 

“ pgggBZT^ . .. 899 948 12 - Pe«hUaSer3Acc. ...I3S0 0 368 4, -16 

: PXGUHTFtaXtai::- W.6 MOT . .. - IWMhfr*—WUtiflHO 


Attimmkni GEHEHAL1 SgA MarogedAcc-.W.l an* -0.8 

117 Fencforcx Sl LoXca EC3U 5DY 071-488 0733 Gin-Edge Acc._I860 1958 +1.4 

HaodnGroer>nillfEih-Tl37J 144 0, 16 - Progeny Acc_ 227 6 239 6 

HeronGeoenilPita—,H6J 12Z.4] 15 - HlgfrtoidAcc_ _26b 9 2810 14 


■2ft -O-Il - Htasbraafindlan.— |U28 1MJ[ 181 - MooeyMh Ace-..r:]l75 7 184 9 


raxrtmAcc.-.1975-6 9W8j 1«, JJJ BbIU-T— _^JliSa 16-37 +081 


1589 1*50 187 

1988 19.08 +081 

18J14 1084 .101 

ia& 11.43 151 

10.74 11JJ 184 

594 - 686 105 


:iow Its 3S - SSS±-—~%kt 

_ 394 . 686 106 - SESSt-: 

r KP BS 3S : “ 

- U80 1251 18« - SS5=r-- S»S 

iis r i . : 

-j259.96 273*51 IM I - FmEari- g+O 

-,604.79 68480, 186, SpE” ~ mi 

uzl*iI -080 - jgKsKKrtiZIl Tow 

--1*3889 630.401 -L7ll .- gjESnnwBaEL— 117a 


Qumharatac-.,155.7 15951 110, 4.95 in.ao 16 in 107 - s9 * 7— -S ?7 

Ohartshir e Act— -J195J 20021 1801 _-_1988 19.08 181 - - 87^0 

CAFINVEST-Charitles Ald-Fonnrtrtnn.. Dwngr.--^— igg um 101 - SbI3 

SS==tr=S Jg 1 £=ah--rrz3£2 

Moore-5.__. JS452 5583, - \ 7.90 P^TOrty ^ ..594^ - ,686 1» _ Mmggd4-L_ 1518 

CUF-Cbaritle OfflcM In* Fdtt_ fSExS^TZZ= wS im - gF^..-S68 

Charity Flxtd Irt Fd/Ctarfty Eq aity Fd k afti eiais- Ifgj-g iiS - 

UGiltUrUXEaVOU Ml-yraMOlGrafiirtrtesil gSJSESx--1S5 638.401 1711 - KfiSmwMSdZI uir“ 

071w^2J919l0naihBl - EnattaroMl 5".iT!*Tg ll ?T : .B — aaixtv.-_iaw> dcj-di -li, 

carol IJ EtBiO tae_ ..59246 94333] 106 4*3 amFriard' 2__<19.08 19081 IJUl - Sfc - ■ • ” Sn 0448 12.4 - JAoncy- — JjSSjf Sfi-l! riL2 

'1 inf^ l *S -Ahorogrteroetwadxroid. H^HKixro_:. 370.7 603.9 120 - gf*" ,---. -“° ai — 1 

ssss^ib:^ —«u BS^K- 3S ^ « S 


rg Z— - ■ S w*,«° =r-.55* S-i j-f " IhmhrasEbOtalnc.... 1209 1278 11 - JiUEqutoAec._ 173.7 1028, 12 

to - _ EuraoranAa-.-lb32 in j 11 - HaroProsEanpoBU-- 13L9 1M.4 10 - WhAnrokiAce-11108 156*1 1*1 

jj Fixed Menu Ace..-.. 3125 32B8 +05 - Hnohrot HMI ucome.. 1598 126 2 - tamriyTUMUfe 

J+ 87+ _ HH* I acorn Acc-49L6 517-4 -1-5 - HnTOrs Jjp A Fw East_ 1258 1359 -3* - LUaPmX 

S3 +51 XW.ACC--326.4 3433 -35 - ttaabrots taarorlu a- 151.2 1598 ID - EroUySer3Ad_ _ ,|S34J 562.41 -18 

L 7 _ hw. TreaAcc.. 519.6 540* 16 08 ItatairaiSaXtaMaa^. 1398 1479 19 - GtS Managed Acc.. ... 424* 446-9 lb 

Sj : Japanese Arc- 1445 151* 16 - Hambros, Smaller CTO... 1338 140.9 18 - tgffiKi 

l!o 11 — **iaaged Acc._ . 4178 439 2 14 — EetwraP las* MaugnL.. 450.6 4743 -8.1 - Petrs EnWty 17526 7929 19 

W o op A ec- mo »<» _.... - CncaflMMgdPra- 2«8 2155 1* - PwMawd_- 6478 681 9 1.0 

PropntyAct-—. - -■ 233 -7 M6.0 1.1 - GrawaUCash- 1758 1838 19 - Pm Gut-Edge. . 51b 1 5433 +L1 

«!^»«*» SSS".'“S>9 Dud, i8[ - Gnrtam Unit Assnranco LU pSSSSt H£?i Si ^ 

+n gnl _ MMIraSraMy-IMS Iff 61_ - 2-6 Priacc of Wajg &L flomneniproh 0202732000 SSi bSES 4 77.71712005 211 1 


18 *03 - i 

LOl 111 - ■ 


Japanese Air_J1445 151* 16 

HaonoXAPt_ .(4178 4392 14 

ABooerAcc_52750 299 4 _.... 


vm row msHOL.. .450.6 4748 11, - p-_ 
CneoflktMgdPfm- 2M-8 1* - Pern 


k* +OT, - HhdrlaoroigAee.-,495b 517.4! -13 - HbXmJmAFwEaSt_11258 1359 -3* - LUlPara 

S3 111 - hnm+Ara^-326.4 3433 -35 - taohraiIbaArakan-.J1M2 1592 ID - EroUySer3Ad_ . ,|S34J 56241 -18 

it, I _ IWLiraBAra...>513* 540.6, 16j 0.0 ltatahnaSaXtaMn„ll39J 1472 19 - Kwfln+roii+ ...424* 446-9 lb 

tnl 2i-5I I Japanese Air-il«45 151*1 1*1 - ta3£ks£utaG±JlJ3J 140 9 13 - SSSSfSl 

450.6 4743 11 - Pros EoWty_ . -1752* 7929 19 

ProgwtyAra-.^. - -.20.7 246.01 1.11 - Caroraa'CXlV.:.T7_". 11758 183-8 19 - p£gS£Sk-~- “IsS - ? 5433 11 

«!^»«*» SSS".-“S>9 1854 18 - Grasfaam Untt Assurance LU pSSSSt H£?i ^ 

100 - BXMtagSictaO- - 1799 “£* ^ “• *»»«»* 0202752000 Sr.ro'^S^rT^TOOJ ml ._ 

JfS z iSrairol'l-T.-.r.'-. 229.b 241* -L8 - MuloXUhlll-.,529 4 557 9, -4.9, - 

_ Flndlmcmt-354.9 373.5 +09 - BragS RagironL...lllfc8 19281 .—I - , ^,g n _ , 

£li : flCSfflfflf---., sm 9 ^ai 19 , - u2 HJSJZ™ 

. i| _ Jrow.‘_140b 148.0 19 - UraagedPasha II- -lb4J9 67781 --I - 2, Mraefisrotad.H 

~°d - JJS»y*-«»i 3SI oi Grawth & See. Ufa Abce. Sac- LU ££$2®/ 

■*0+10 - -—■ TX? . ^JS-5 124 9-9 uiHCaronnPri U i t H d uh Hf Uf faiw *5444 41ITA7 


^oo - £"**•**»- - igg ^ 

.i.SSfcr::=riB ^* i« 

Z FtaXMarot-354.9 3738 +02 

+AjB _ Internallonal—-lb5* 1WJ 14 

- hngnanent ThSL_2559 2686 17 


: SS^Z-;"Ji2l4 mo 3I 331 S3 urnfctOT^^aaT-md, hu^/. toia ow4U3W 

^ E mil ill ! - :E P 

Si Z firraro..J245-3 25451 18 0 G. *. S. Sro+r Ed- 22*374 I 1 - 


-s : ms ii s aassacri“*a 

^ ; H5s=--3K 4 £l 

* ra MMlTMLrwrw. m* J83.7 

JttB _ J mu. rr.wro 150-2 155.6 -J.S — 

<J0 UtaxT._600 » ■ 62L8 17 


EdMwrgfa Fond *raprt MX au+raesirae.meters 

tathfs-,1358 1415 If, 3.72 gig 

117— IrrT 23 ..,73.4* 75.45 -751)0*7 Pw. 

SmJapCbiJriM—,3438 3548 13 9 053 

lanirotaueiLJUl] - 1605 --,0-50 

FMdKjr Investment Swvtcc* Ud . 

MagdPensrfaitor-TTlJLa U5JT IJOl 2J6 

ngdoriing Charity Portfolio _ jxim. _ 

S Cattail Atom EC2ft7DR_07Lt38MW iKSwnrCKsFdAedO- 

tncfiril,.__[£0.9«9 0.97J1 1.007H 589 Earootahbtra. 

tad— .JSO.TTM 0.9940110029 882 Qe-iUtSTO. 

Robert FTemint-Awt Murat: Ud „ . 

AmEmapL..yJM059 J46.76 1.92 18b- 

SBBfe=-RS «» - if 

aaffiss=m «b & || Sfe 

U«dEanvUna+JfiU9.99 U2.JB — .MJ 
iHMdtaMO 100.41 594 

J—lhHEarnJM2S-1 m 0*4 4L46 JJ4 BraMra lMpAB ia- 

Ea»IMEaAJMZlJ«U8 93M — 284 Ejta FdAff d.- 

OtaWXtataaJM* B3B __ 2M I^Sdraisz 
Foreign +1 Cptoniiil Unit Mono w sn ont LU FtaedtatAcciU—. 
Baburolee Jnl 14..-[1488 154.9 —1 4J8 UMroey Pi AcrtD 

BnUdcedtacJnf 14.:.-11*811 134.9 c—f488 HQp taftrB L+U-. 

M84 74 48M91 -| 3M HBffiBCf" 

ytarkud — Bodies rod* Caul CbPtni ntaSl™?+ 5^ " 

HcnteKM Unit Trad ktomnmait lid Srartuta m — 

tattam Magd_....— ,49» - »5l 1421 3.W UKSXro. 

DtVESCO HDI HOnoaMHBt Ud SiSS/UfSi" 


I Prop*!,__-11938 20081 _I 

= Sr«ju-'.-|g! ittfl a 
: WSXsr:=3m Wl 581 


OhkBlMnged- 


lUraFdU—I 
p P» Fd AoULl 


Dobal Metro- 

Srortte Mtatn)_ 

UKSWn._ 

0 AmPDMAcdl}-— 
p»e Brahi FdAecu)— 


W^x?pilfi0- - J1Q3L0 HUM, j - MtptilXlH 

Map Pros IAce>._,6«4 68*wl .5-1 -• Mrta- 

L222rti Sratbgn & Co. LM . YKASt/wesy 

Prroru^I. -Tc 5S0 Z5308 7*0 YGA P c il Prora «W .... 

5Z?!atrata?i— lu»sd Soool. —iraghuainiiu*oo-.im 


au8 i-; - “JJ 051 

Tjal 1-2 - WL;; 

4598 +05 - MJ 


SEo i3 - 

4205 -l.J 

175J 18 

inn i S 12 - 

mi 11 

9L4 18 - 

inn A 10 

1138 14 


- CHI_427.4 4SL3 150 

- Amarion-Ota* 735.9 -38 - 

: ?St ± 4 •: 

: aae=Bi «*■■« = 

- European ,, 1148 1218 +180 

- Japag_1289 133.7 -99 

- Heritage Progeny- 77 90 OZK _ - 

- taU Cwrroo Bond-133.4 . 1419 140 


For CmaOtr Brarao see Brltanela Ufc J 


jgJ „ - BA-od Bm«Ex*£-J E4697 4&9bl 19, - 

11 • : CotnirUte Me 

*»* iEynSbtHHIll, LopdonEClBSAE 071-2784488 

205 J -08 - gtyBffataO*WlUfctaramr» 

18 " K^Eik Emeu Ekm.-|39.9 4L9 16 — 

&3 -M - ta4UtarTM.4ro.Ko UL* 15 - 

Sb2 14 - BUM,_- __1629 1785 „. - 

15 - special SBraUeas.—,798 g.0 IJ - 

23i4 - UKGrowtlG-—..— U48.12S8 14 

19 - World Growth.—__11078 U28 1.7 


1469 19 

ms s 

ai.-al 

958 11 


1577 12 - 

1ZL1.11 .- taana—d 


- FdMSf DwTSaS-1M8 1*05 18 

- Specials tapUans— 1188 123.9 1.4 

- UKEnaatb.—_...._ 20L9 212.0 17 

- Worid Crowd)_1396 1399 18 


i£*7*l lil 

BUI -=J 

117*1 tai 


-_[965 10L2, 1.5] 

_J908. 103.7, 15 


= RSK&i--:Si iSl S 

_ ESSfc’s.^gi 



Cb Ud 

0242221311 

= 


68*2 .... 

1469 
1365 

132.7 1.7 

1*69 +05 

117.0 +0.1 

116.2 .... 

928 15 - 

88.4 18 

JOS 16 

464.4 18 - 

503 7 1b 

6810 +t2 

4908 +13 

418* -108 
1*29 -15 

180* -1L5 - 

84* 18 

224* — 

ITS* +09 

268.7 +0.1 

_ _ „_ r ___ 40451 +15 

140 - Pens uiutedAcc.- .1*078 SHO 16 

-LID - EE eSSwSi-. 1546.0 574.7 +09 - 

«.M - PxTEjrtaA*..-17218 ^99, *15 - 

170 - Hearts of Ook Insnnw t* Graaji 

150 - tart, af 0* hnae, 9 Princess MIIW. 

n - Lricesur LQ bTH 0633 5*9010 

^ i£| t: : 

120 - ■ rwrnihtro. 

+e.!0 - KST-r!-..- -,1365 144*, . - 

IM - EaaH; Series 2- 507 - - 

190 - Krtadkaal-,456 4B4, ... 

- - Drags*.. ... .-.-..-.164.0 «MI - 


Z bln Edged 5er J-1226 129.1 .... - UK Emit}_ .. 433.2 

Z Deposit Sar 1A2 ---J30L4 317J +0.4 - OwneasEa. S08J 

” DepositSer3-- 1120 7 1275 _ - Amertcat... 2655 

Imestmem Sar 2_,260 7 273 7 12 - Far East ... .2912 

~ kuniuroalSf+1A2...,349.4 3678 -6.9 - Prxm+ny . ... 1957 

“ ImernatiPMlSwJ.- ,77 6 8L7 16 - FlaXtat.__ 2948 

- PjratroFgXPrktt _ Mend Gin_ U8.4 

Managed talc- 313.2 .._. - Dana*..I960 

Da Accra- «»7J ... - WWiProriL . - 1U 7 

Property lad.. 3203 . . - Perako. Fro (Aram IMtU 

Do Accra . . _ 501J . - Managed . . 4966 

“ Eqrflrlall. 3753 . - UKEroili . 588 9 

- Ds-Accuro. -- 5739 — - OnneasEq.. . 528 9 

~ Gilt-Edged lid L.. 286.4 — - Amcrtcas.. . .345 8 

- Da. Acann_ 452.6 ... - Fir East. 499 9 

GonmeXIaK. . - 210.7 ... - Property. - - 3494 

- Do Accent.- 3379 - Fired bn .3*98 

- I n t ernal M il loll— - 3329 . - - Indexed GIK . 1830 

Dp town-- 518.0 — - Deposit 204 0 

brim Lk. Gill k*. _ 165.7 - WP1 Pmilaas IlmigwnilH Ltd 

- Do Accan . _ 2585 - Managed Fand . Ill21 

- Managed Ser 2. . . 1413 148.7 - Prices Jaly 1 Deal < 

- Property Sir 2.15L6 159.6 - 

- Ea«iy SerZ--120.9 135.7 .— - Norwich Union Anri H 

■ aBEdUdta rO.- 146 6 1548 — - PO 00x140. Nc+Xch NR31PI 

- Guaranteed Ser 2 - - 160.4 lbB8 - 

- IxtlScr 2.—. 1153 121* _ 

lad-UnkedSerZ.. 1310 158.9 ..... 

- Ilcrdrant Investors As&rancc Co LU _..._ 

Part of the Ml Gnop Eiauoma FaX. . ... . 613 

_ St Bartholopitw'l Hoasa. ItXns liud. Bristol BS12NH *9SHF B ' rt,d 

For ppUMsnwitag after April 1978 .Hi 

. fir allow taM tatamlioaTal. 0881B0G1Q0" 5*?Sl!Se-ro "' ill 

- Ml ManagxFd-529 54.9 1.1 - ™ laaraUFoX . 666 

- Ml latamaional_3509 3778 1.4 - Fa "d 64 9 

_ MlNiAAmer Equity 1440 1513 ... - J*K“JlS1_ m, ■ ,s 7 

Ml Property . 423 7 446.0 +05 - raa 

Ml UK Fd.340-4 367.2 19 - S? 

MIUKEanltr_ 1250.9 0645 +L0 - F * Ef 

For amteactsiaaar* Daly ana pric* aspOts uct Mahfdprice K — aaj ? a - l ,, Flln ‘ 1 
„ shown abaro. • Calls charged at 25ofrala (heap rale. 

00 33p/roinal all other ilncL tac VAT nrod Inuna FnX 


- 111! 7 117 bl . I 
■ IMbl 

. 496b 5228 -1 7 

. 5884 614 9 -11 

528 4 5560 -4 2 

345 0 3645 +05 

4999 5263 -91 

2494 262b 19 

... 364 8 389 3 +0 2 

1830 1927 +06 

284 0 299 0 15 


1121 7 114] 7l . I 


Prices Jaly 1 Neal dealing Angara 3 

- Norwich Union Asset Management Ltd 
“ PO Box 140. hixwldi NR31PP 060362: 


Property FaX. . ,05 3 

FiXInraFX .103 4 
lodt» bated Ss Fra ,64 b 
Deposit Fieri . . 1920 

KUAMUIF) 


Z7iS +0 1 - Mmmy Lite teas ram* Co LU SSBSTi— 

sill 33 - 33 King William SL lapdon COM 9AS ,071-2802800 Managed Fieri _ ... 997 B 1050 4 

13 - Partfona.—. 99.9 638, 110, - EauityFand .. ..,2169 1 22833 

2ifl.a -27 - tatteraUoaal.1419 44 ol -030, - latwnattaaiiFord ,151b 159 6 


317 B +0 8 — UK Equity-. 53* 56 4 + 010 

1 M 3 1 b - BrttWBleeMp. .610 M 2 1 10 

3046 17 - Ujn«»». y-? B? 


947 0 1050 4 -20 

. 2169 1 ZZa33 -25 
1516 1596 -13 

. 470 4 495 7 1.1 

. 5015 5279 +26 

. 66 4 604 +02 

3127 324 Z 11 


Si; -i - KKs+erf - - - 58 2 402 150 

?H 1 B -qq - UK Smaller Cos- 383 «3 . . - .. _ 

Si'S - Xoux-.50 8 534 150 - Norwich Union Lite Insurance Soc. 

1230 14 - £2““-,-- - S-2 Sc ■ tarerSlf»eLKorwfcfiMB13NG 0603622200 

Pad lie Basic__ 57.7 60 6 -1-30 - Iti+tlwV I H< 

0737370370 glta™ ..S-R JSi " WMPlMlllFO . |l2485 13038| +0 03 - 


_ Fixed Interest-_..IbbO 

_ PTOPWti-.. . _ . —,7L1 
_ BtagSeriety A Deo.. 7171.1 

1.2 
18 
-1 1 
14 
1.9 

31 : 

14 
1.7 
14 

18 - 

-1 7 


64* 110) 

all 



iBdipcraOTU 229429 PaclllcFd .... 

508 12 - Property FI. 

64 6 11 - PtaedWFd- 

604 - tail Bond Fe ... 

70 6 .. - DaotnFd. 

725 .... - UoHira Mam 


WIU Prof Its FO . 12485 13058 103 

- ManagraFe . . . 97 03 V02U -OJ4 

- UKOrdSharoFd. ..10215 10752 +010 

- taswiminaal Fd 83 41 B7 8i 160 

EagpuoFd 83 70 88.10 1« 

North Amerkaa Fd . 43 ?» 

Pacific Fd . 76 13 BO 14 -154 

Property Ft. 86-H 1* 1^9 

FtaedHFd. 11933 125 02 110 

tall BoX FA . 112.71 HS-SS *SS 

Damn Fd. 12243 128 88 IDS 


SLO 12 - Whn ProlKsFd.. 


17017 174 13 

TLb — - Maapged Fd_. 150 83 16734 130 

b72 - uke2S»m... }i»g }”5Z -?S 

inn 7 -o a _ taseniplJaBl Fd. 143 67 151 +3 -1 63 

1163 11 - EneaiFtf . 135 56 J4J-J4 177 

LI95 .. _ 5S* Ataer«anPA j* 

ffi-5 *■» : RSSJfe ■. IBS IISS 3S 

jjj 25 : Bsats.. ‘ss m iu 

“• - 82£raE- F litaltLgdPtar^; ^ 

IM MliXFriKL-. . 4268 Jjl-J •ill 


- NEL Britamdo Asset Co Ud 

, 0306{ 

S3 3:2 


Ufe Assoranco Co Ltd 


- Station ftd. Hew Barart 061 -MD 8228 

- SeiSKA.__ 44 40 46 J4 ..I - 

- Managed.....—....„ ST.42 39 40 1.45 

- Eootta-. .. .. 5430 36 U 150 

Ota.... 53.18 55.96 107 

- SpedalSu... 3286 3*87 -LB 

- tatermshauL—.. 43.41 4683 1.1 

- Eanpaaa Find... 1329 1400 183 

- American——2384 84 7* 184 

Pacific. . ..... 413* 43 77 +007. 

- Propert. 2930 3085 -048 

- FltCflyiehl...-- 3284 34 2b -0-18 

- Iu*xf4 LkdMd Sacs...- 158b 1688 18*1 


I Eagle Star Imar./Miilland tew. p2£5mE£ 

: »iUl» K 


Ggn _ 585 60 9 

MX.._1838 193 0 - 

t_ 120 7 1278 — 

!.._.592 628 - - 



EcrtieFa_ 11276 U8 69 -235 

SSwrirFd 155 17 16334 104 

FhSlriFd 148*1 156*3 1U 

Ml Bead Fd. . 140 20 147 58 1 03 

BUgtaDvFd.. 160.42 168*7 1.04 

4 Uart-LMroPtar 

SSSIS-™ Si ffi 

■taS^Fra ... rut 2769 +0.4 


UZ3 1.9 - p^,-Fwri ... 2U1 276 9 14 

1128 1.6 - FiraMweP Fund.. 417 7 4397 -1.1 

iTJI Kl : fii 3M 

1128, 18, - 

10481 13 


With ProTiUF+X 
“ hal Edalty Fmri 
- InUBdXFuX.. 


U6B2 13350 1 04 
83.95 8886 170 

}U21 124 43 181 


97 6 1* - Harwich Union Pensions Management Lid 

928 1.1 - ScntyStroeL KoraciLHItl 3NG 8603683335 

Sii I SdaSxhtaagrtFdT.IJIH 87 31003, 159, - 

fS-J _ CrawUiMarogcdFd . 9920 10105, 121 - 

i+t -fly - SaitlnHBtanag'dFd. 110201 103301 1.191 

**- * DNpra ee it n 


- "“Ilb.97 28891 1811 - tartar MngdlTlSrlOfi4 103bl 


PriOKASJtJili23 

Continued on next page 























































































































































































































































FT MANAGED FUNDS SERVICE 


FnVANOALjn^ l99 -_ 

► Currant Unit Trust prices 

and 46 p/minuto at all other times. To obtam a tree Unit Trust ^__ 


BU Offer *ac Yldd 

An Mu - bare 

Pearl Assurance (Unit Funds] Ltd 

PEfcFY 07J3CO47O 
^S< 1425 

2340 Z71.fr -.... 

816 4 BMJ -2.1 

SKI bl23 -L4 

123.4 124 1 *0.1 

1107 200.7 -0.4 

88.fr 433 -03 

1718 189 J -0.4 

«Sl 1 mu .... 

132.0 IbO 0 -Li 

142.4 1411 40.1 

140 5 1471 <01 

119.9 1210 . - 

1203 120 —, 

*rtta)Ud , 

6310 660 —24 

214 0 223JI -0.6 - 


rnwxitj Oftt. (Grow 

ngtfrnte. (Gina) 

Eqnllr iGim)... 

Managed iCnni) . 

Property Acc. met) 

EgretyiHeij .. . 

■ ifmuw re. Hamate 

Managed Hell 

ClfOoBMjm 

inusuiknUi 

cut e, fim 4 imnft 

Maury Fund. . _ 

UlMdFml(C«) 

Mired FmdUUxl 

Pearl Ansrsacc (Unit 
Bn Mill (Stria U 
Rp. Mu BerksZ) 

RttCnfr. 

PnaMuedMlCjp) 

Pea Mixed FdUfccJ 
PmStleFdiCu' 

PemSUg FdUcd 

For Pioneer Mnuf w S«B Pioneer 
Premium Life Assurance Co Ltd 
17-^1. Pmjn®*BilW.K 2 T«(* HeiU 0444 

Amrican.- 0 m.0 .. 

ItoieSlIBSctFlL ..224 0 2».ol .. 

B«la>Kr4 ... 1255.0 2W0 -3.1 


Bit Ottw ■* tr Yirid 

Prior FMk - Srexi 

Protfdert Motaai Life Ahc. ten.-Canid. 

Ma FMA 

MaugraOrd... 44L7 444.1 -0.4 

Managed Ink..321 h B8J -0.7 

ElaitfIM.. ■- .669.7 704.4 -1.1 

EuHrlnH-. 48731 1L3J -0.8 

taMLUfinOri.... 186.1 Wfr 7 -at 

PBiMmCIft Mi.... 142.1 If) 4 iM 

Dimere EMtr OnL_2797 2944 -£1 - 

OHffUS Entity ML... 205.fr 214 J -ib 

— ZMJ 2»J *05 - 


Offer * it YUM 
Prkr - Grwt 


error <■» Add 
Prkr - Gm> 


mow ore 

PmpwtyWL 
riudinuratora. 

Flicd frivol ML 
Damn Old. 

DroartlsiL 

Prudential Assurance Co 

Kalfrgm Bart, Leaden ECU 2ND 


071-4091222 


Emgur . 

cr Manages . 

Urur-ore Mogc . 

Genua. 

Cllt. 

Global . .... . 
• tnircariaiu) Laullj . 

Mas .- - • 

Utero*.. 

KmiM 


PtotanFaUi 
Axwrwan . 

B*lMing 5oc F« .- 

Boionua . . 

Esroeren . 

German .. . .. 

Gilt. 

Global .. .. 
leirmauaeui touu 
Jason . ■ 
Maneges.. 


d.Harurfc Hutb 0444. 
i290 UZ.0 .. 
224 0 23-5.0 .. . 

2550 2610 -3.0 

MOO 2110 -10 

1/8 0 188 0 -10 

1170 1210 . 

1940 LOO 270 

170.0 1710 -to 

t O 40.0 . .. 

10 111 0 -10 

10 146.0 -9 a 

0 910 „ 

42 0 4* 0 -tO 

S94 0 310.0 

231.0 292.0 -Id 


214.0 226 0 . ... 

2200 232 0 -1.0 

125 0 132.0 -La 

162.0 1710 *10 

9b 0 38 0 ..... 

166 D 179.0 -XO 

02 0 87.0 -3.0 

92 0 »0 -10 

227.0 231.0 ... 

HI 0 236.0 -Id 


- ManagesJ*» - ...I247d 2S7.il ... I - 

- Prudential Corporate Pension Fun& 

- ISteriwsSt. LeadsnWlPZAP 071-9WS01 

= 

MBUttanujiiZZ. £25-24 2S.13 

71 f*tlB0rtJui22. -.-0423 W44 .... “ 

: £Ba 3 S*:.BK #5 : 

: SBt 0 .- -Joflfi SS8 “ - 

- UMereJaluJ"^ 5 -3 445 2( .1 - 

- CxdiJsIZL._. 284 b 21691 .1 - 

- Prwtxstlal Pws to sr lsi xrtnunl A ra nt 

: RBMffifc: »iTf? *1 ; 

: Sffiraj'da'.wi -jft ~ 

- fmFixed.£727-... 2414 254 9 ’*•£ 

- Pm MnU Jid27... 194-3 2M.2 *09 

- WPmmiMB- 8J.7 945 -js-j 

Pcm Cun Jml It .... _ LBS.7 iQS.b 


ScuHtt/iAnltaWi! 

ISOS) VioeauStCtaMM 
Lilt FnklFMitrto 

Uiugcd. . . - ma 

teutir- ira| 

Preerro- • . 

■nuruiMial . ffl.J 

J jflire e. . . . - .a iri.D 

SSuKnc. .. . H.t 

Civapren... - - 

Awrrl ean - - 

FI ted Interest .. .. 300 2 

IwKi-tlnM Gin . . 137.1 

Coii , ____.1210 3 

Ufr FMCSoom Serial . 

—injopd 68 1 

SsSs^r:- :g| 

tswnxlaut - 87.2 

fcffpSSflt.' Ikl 

Fiiepnn . .. .106 

AncrtaM...-- — 49 4 

Find lnttret..11ZJ 

lada-LMud Glh.— lHO.fr 
C4». __ —1038 


334 8 -13 

4243 -14 

237.1 . 
296J -lb 

73J -lb 
104.4 -10 

16 b -03 
103J . 

315.1 -015 

166.3 *09 

2214 <03 

92.8 -0.4 

W.1 -0.4 

915 

1 L 8 -09 

73.1 -Lfr 
102 0 -1.0 
49.4 -03 

UWJ -01 
UBJ - 
109 1 40.4 

101J .... 


DnciAisun*1124.. . 94 0 

Emu, Jil»- 186 

InwuOoul JbI 34 . 801 
GIMal Eoalta JH 24.... 12A 

tall Bead Jll 24- 196. 

FtUd inerea Jal 24... 1125 


lot? <01 

106 0 *04 

89 5 -05 

44 4 <02 

100.7 -03 

118 1 *0.1 


UKEmnr . - .-1243 0 29601 -idi 

Prefesslonid Life Assurance Co Ltd (z) 
sunk! Hie. Port Had Tin SauUamfl6 070323; 
BZWIM MauoM.... . 115 0 . . .T 

FMrikrMmMM.. - 14.0 

Hill Seoul Sunoied- 1180 

IfeoaCmMliBaiM-. 1133 I ..-I 

IWM UJugxL .. - 12L4 [ . _[ 


FroienloulMaBatid.-. U3J 

imfs? 1 -. Si 

inenuMul Em Hr 126.1 

Pacific Emit* - . ,74 0 

UKEqwr . . 12b-6 

USEnullf. . . 1130 

Europe** lodes ... 86 4 

InmuOtnU ledca... 863 

iiunaclnio-. 6t7 

SeafrEjMMaleda. 101.7 

OX Into.— . .. 1222 

US Ur. ... ... 1129 

Prtwmr. 104.1 

Statna DeptelL. 1315 

faliMifflt Amity.... 10 0 45.6 

Brtiream nan Cub JU31 121.1 


Praline Life & Pensions Ltd 

SiresMoale Kredill. CudMj LAI 40B 053S 733733 
Huagm Fssd see BeUnd Geanb Maudrt Fmd 
UhFsSi 

BaiancadG^lb Mngd.. 543.4 ST8 7 -1J 

AdiCStaroui Mold. — Si U1-* -0.8 - 

Cknlan Hugo.- 107 4 114J -0 2 

Calk Fd . JOT 1 323.7 <05 

Prspaly FuM_21L4 22* 4 . . - 

Emily Feed.9165 634.4 -45 

Fid. lai. Fund...394 2 3786 -O I 

IwnlMl -. 2675 264.4 -86 

HI** (pause.. 4S5J 51*5 -16 

Fir EM. .- 336.8 358.4 -55 

HwOiAiarekH.- 303.4 323.4 *0.7 

Special Shv _ ... 4584 488.2 -0 7 

Tccrwulogi. _ . 3025 3316 -04 

ESSlncFd-. .. 2670 Z84J <0 5 

CsoienMe 6 Gilt FA . 133.0 1415 <04 

Anertcao Incas* - . 133.0 1413 -25 

Gill Fund 20- -. 400 4 4263 <0.1 

EsmpeaFsaa .... 1005 1065 -01 

PfrfanwdloL. . 100 7 107 2 -01 

UK BU CStv.11.4 1055 <0 4 


- toSuSMdjSiSri'Jirad mo -O'z - 

: sraar-j-jE iSfi -j = 

- Prudential Individual Ufe Funds 

lSlMceSt Lsedon W1P2AP 071-5483207 

03 .550 7 574 7 -0.6 

: . l J& u £l 4S : 

: Z ST::™:-.SB SSS Si - 

“ Mureatlanu._1356 6 375.4 -32 

- 5608 -06 - 

: BSt-c:-:W , S3 5? : 

: ST?-IBi ffli «i - 

' Pacific Bads . 170 8 1718 -33 

” NpibAnrlap 1368 144.0 -0.- - 

- Emsnaa_ 1725 181 2 -tO 

“ FWkmBahmsIMA.. 107 6 1U3 -03 

~ IWborsStrlUphGmi... 1066 U25 -05 

- Prudential Individual Pension Fundi _ 

I lSMlAwSLlMlmWlPW .,DF1-M83287 

- fiET?:.' iSSi S|| - 

■ wtt—-ha m - 


I MMtagSedny- lh35 1714 <81 

hw mmmI ilwlfl ..... 184 0 1*13.7 -L4 — 

: SuSSoSS..:.: SSs m.? - 4 .; - 

- EmUyOrilU.2115 222.9 -Lh 

: pfiw£*r:-.. uj® - - 

. SSSiSSajiu...:.: ^7 ^ - 

- »saa;-gs a; * = 

_ FIxoS toursst lAcd .. 37b 6 3163 -05 

_ CM) UeHJ . _ -. 153.0 IbLl .... 

_ Canute).- — 2875 3027 <05 

- Sottish Equitable Life Assn. Sac. 

- Mum. Ire fr 

. UK£ii«7 ..l»fr 

loKTOKwal.173 8 

- Aoofcao . 17LP 

_ EsroseU- .. IB7.J 

. Pacini . . 

: 85«SiA;.r:;atJ j»:i -o i - 

- ssr***’*?.: reSi 1 : 

rmicai.. 17 19 i<n J -0 2 

Lamm Bond... 164 1016 -0 1 - 

bnUiM . 41U 4159 -56 0 

87 PereUKIasM#- 5716 60L7 -3.2 - 

Pmrnunutmul. ... 4728 417.7 -82 0 

; PmAsKrieas.. 164.1 1727 -o2 - 

Fern CarapeM. . - . I486 206.9 -83 0 

PmJasJP ..... . 1575 166.6 —4.0 — 

I PmPaUHc..02 0 2445 -6.4 - 

_ PmFlredWOM. - 2163 3121 ... 

Pm I ado UBfrtf - 1619 1705 <0.2 

_ PmUh. . 25831 m2 *0074 

I fea Property.21751 228.7 <0J 

PmEimai.. 1165 lg.4 -05 - 

_ EdlsourahUw. . 26B.4S 382.6 0 


&■ AlliuU Group 

H3 Si MJrt'i Court HoMren 0*0. 

- taSlf. ... 4605 484.4 -L 

- 553v .- 2676 281.7 <0 

- .. ....- -- 639 0 6685 -0. 

- g dultylu con* ■■ .... WJ 1S65 ^0 

- Fl'fdWemL..|«3 3644 -O 

- IsMUttri... — - SSS 

- fearmfopal...._404.9 42AJ -* 

- USTSSta. M06 148 0 „ 

- Proocrti * . -.. 9 42*14 <0 

SwSiMeBmd... .. U45 U6Z -0. 

- wrort*sMc FlrasslA l— g® Jt'i 

- WeriUndelKMliDp 10 JO 1550 <05 

- iflureiildBal Band*-- _ _ 

- UKljgUr __8210 0750 

- M*S|M. ..._.3923 37091 HI 

- KSSSsodeir_JM1 UD5J «0 

I —SK 4428 

- EMgr- '-'-'-' ii ill 3 

- manaUaial. 3709 H951 “5 

- Property,. 2339 24621 -4 

- wSSwUe B ond-Utl 1529 " 

- FrsSr^UuwL. 1226 1211 

- FranSwkaSsdJrSiZ LOU 1068 

- FirasAwnki fas > M4- 1850 1035 

- Fran Casual TH. .. . U85 

- FraflibtUGrowtfi-114 O 

- Frun lint & General _ 1WZ 1295 -6 

- Fran Reantry Ta..._ W5.8 153* -7 

- GT Special Mead._107.4 lit6 -0 

- CT«mrSaec9u_LIB2 1245 -3 

CT Capful_1366 1435 -4 

GTEmnean_100.1 10S.4 -2 

“ £f t 

: sanfiSKb ss &s ^ 

O VwlfftauM^.— 1493.0 <77 d I .... 

- Ebernsndi Ea». ...1343 4 36601 ... 

- FfroesUPmlsnF*afc.__. . 


gife:!| ™ 

fSSWSCI.‘J - 2195 231 0 

MmatiaaL- l67 .fr 1764 

Maaer-22U }dl-3 

Prop**—..L34.fr 167.1 

Fran S*sdil BlaarerA— 1745 183.fr 

FobIS niriaSoftCfr^ m.b 1258 

rms*r—*MiHnsssiT 111. 7 1260 

Frais Capital Tn. . _ . 1616 17S5 

FnmlsUal. Grtnrdi.... 123.9 1325 

FranJiaM&Gmrel_. 1430 

FraisRecmryTO_1185 

GT Special MAM_1525 

GTAmB-SptcSo.-105.8 

GT Capital_11L9 

EIEsms. ..- 19L6 2015 

GT Farfijt * Gen_1636 


ssr -^EMi m d 


WEd*i:. 

ManamdDI*. 
HlgSVIeM DHL..J 

fMMshsk 

Efe 

Crnuasi Map) FmAai. 
Bonding Sac Acs .. — 
napMyFcat JUx . 
Fa in. Pm ate.. .. 

EgsHj Pm Acc. 

WennuoBaJ PmAcc_ 

Hip* lie Pun Acc_ 

TndiPmAcc. - 

N Americas Pan Acc . 
Fir Em as Pern Act.. 


no 7 107.2 -01 

9.4 1Q5J *0 4 

27 17 7 -0.1 

45 95-1 <04 506 

5.7 4L2 . 5.45 


645 0 —L4 
1329 -0.7 

128.4 -0.1 

3615 *05 

3144 ■... 

5126 -LB 
HO -4.5 
2325 -21 

560.7 *L4 


3424 <08 

AmerKaiiacPm_ 1485 Um *os 

EsrecearPm. 1105 1164 -OB 

Managed Cub Pen.. -. 1655 174 0 <05 

Put & Find Pent. - ... HbJ 1225 

UKBtoeCNR. . ... 102.4 1084 <04 

Heronry Fund... .. 115 1048 - 

UMbriW.nPnfinFe*. 103 1 108.6 <01 

MmeuCrnrdi .... 1025 107.4 -02 

Margett Isrooe - ..1035 1121 -02 

SSSStSii iiSf uoi - 

NCH Managed . 1041 109.6 -0.2 

BAB Select Mnp6.. - 112 163 -03 

JHJ Managed PasUB— 1055 LIU <05 

IAS Managed -- 1146 1207 -02 

iKtoukuimrUo- 142 11.2 -0.7 

wsEs:rE i 5 ii I: : 

IkrtkMVMPsddU— 862 10.7 -05 

IASPaa«aManaged. U6.4 J«6 -- 

Costal UnmAGrM*— 142 112 -0.4 

MaBBalandABM-.. 174 1026 

For Preperu £as«y frllbsi Euranlt A* Ca 

Prosperity Ufe Asttrance Ltd 
lSeahissHifSo, BaWnMeMEM LXX D6Z2M05S5 

WllalEomty.. 1360 1435 -05 

AaamEoUty. .2015 213 5 -05 

atom Managed... _ 2145 2265 -05 

Accssi FhtoSUr-1415 138.0 -L0 

Acaiaworid__ U20 1465 

AMtasUletloc . -. 174 17.4 

PmAccEmrtj--.... g4 0 Z365 ... - 

asssKr^-.si m is = 

SSSSPS&TSS !TJ -ils : 

Pravidtncc Capital Life Am. Co Lid 
2 Bartler War, Hoot HAhs RG27 9XA 0256768888 

UK Faulty Acc. 205 4 2167 <0.9 

UKFIadMAa. .... 2011 2122 <0.1 

InlEasIhaAcc.. . . 1615 1764 HL8 

: 

S?Sl UarJOAi::. 1565 1M.1 *27 - 

iS^A >£3 = 

Pacific ACC - —.412 163 -05 

S3 i- - 

SmksEmHleiAcc. ... 335 g4 -02 - 

uCTtob &EllA aL-- 5j 70.4 <02 

l« Find IntetM Acc 6L4 648 -02 - 

lot Managed Acc-542_ .571 -0 4 

HfPMaOMdAcc ... 114.0 1202 -0.7 

HIP Mssamd II Acc ... 1035 109 1 <0.4 

HIP Managed 10 Acc.. 109.9 115.1 <05 

Bal«c^ CSwUiAcc..IlM5 106 0 H.0 

UK Easily taltlflp.-. 138-4 <05 

UK Find M Islilal . . 135 7 

IsU EauWa IMlIil— 1081 -12 

UKMasaqed toltlal.. 1015 -0J 

!SSWiS£--T. ^ ::::■ : 

Special Martn WtlaJ— 120.4 <25 - 

Janas Easily bHtlxl— *11 -12 - 

MortiAtstrtsaaMtM . 775 

Padf k IsHlal.. 702 -06 

TecferoUgi laltlal. _ 915 -45 

Hat Raarta IMUal.. 38.5 -02 

Enrapsan bdtUI . .. 815 -2.4 

RsUmiaiPnalah- 75.7 

S*m EosHtollalllal _ 317 -02 

HeaaKoDglsftlal- - BO.i -20 

UKHIdllacnlllL.... tail 102 

ImnudliiaeBtaH... 58.9 -oi - 

In Marugsd bdt- — . 52.0 -05- 

HIP ManagolIRlL.. - 101.7 -0.7 

HIP Masagro n WUL_ 1010 <0.4 

HIP Manned III toft- 100.4 <05 

Balanced GrmiA 1*6.. 175 <0 8 

SsmtMPtof IM.-... 131 *03 

bdarFM __ 

HWi Ptrfsnsanca_M2 72.4 -0 4 

Tomblll IfcMFdAa- 505 *32 __ 

VRA EjBCSihe Fd- 9L0. .1S.9 -05 

EGWal Gromit Acc- 134.1 141.4 u 

[|Mua*W^ 150.0 1582 la) 

l«£ teamed_511 *U -0.4 

H F.SpecaUtOf Fd-.-. 114.4 -L4 

AAFsTn Man Fund... U9.7 *0.6 

Asp LSI iras tor Pm - 76.4 -10 

UMduttyAcc._227 0 239.5 <0.4 

UK Ffrcd Isiircsl Acl. 262.4 Z76.8 

bsl EanttleiAcc _ 206.0 217 3 -2_J - 

UKMtfigedAcc_ 177.4 187.fr >05 

P«P-W5« -O-L - 

Uasn Acc _— —. 180 B 1908 - 

Special Market Aro.-.. 2502 2648 <44 

jSSEEoyfeto...-. IW mJ >u - 

NgrtbAnSresAro. . 10.8 130-6 -- - 

Pacific Acc__ 1713 180.7 -16 

Team ton act._1575 1662 -28 

KSSnSictwAcc... 77.1 ,E2 -03 - 

Emoean Acs-....... . ■ 1036 1013 -33 - 

buwulPropAtt-.. 875 9Z.3 ..._ - 

SS»-K)S.Ace. ->. 336 »5 m2 - 

UasnKom Acc..,- . ... It4 97.0 -2.7 - 

uxBwinearte... M.4 » - 

M Fhed intptit ACC. 67.2 70.1 ^02 - 

|S| <f - 

SnNl rt ftrf *CC._*. s - 94 b i05 

.(782.4 BObbl *40| - 

ffifc=r *3 : 

gaffift -- :: qn - 

-* g .0 -oi - 

VaiAlpu. — Z 

671 - 

HE-^j fj H : 

gafez= & s : 

ufooUarWIVH-- 968 HLO - 

YtnAifSU.-- “j’ - 

® - 

**4707* 

§£SK?K^- >» 3-s : 

RKgSP - : 

JBsa£fri-:r" iS.S «u - 

SSifiSd._ 1625 <01 - 

S&FGdMSlMaUm - L49.4 -01 - 

S&FBJlaaaA .- 1*23 <£2 

S*FMaalmnGn*UL 897 <L2 

PravUent Mutual Ufe Asst- Assn. 

WrUlan ltd, HiKllla, HernSH0U> ^W? 9008 

MaaagidOrd ... ... 347 0 9MJ -0.6 - 

MnmdUut_ . 2*2-6 2654 -05 - 

KSSi....... ..5116 542.7 -6.1 

ISlWIAU... 375.4 3912 -06 - 

IsdO HaltedGIN On. 165 5 174.2 <05 - 

edSurtedGilt left.. 125 8 1324 <04 - 

tarimEdslaM- .. »7J 2M5 j.7 - 

734 7 «■! 

SHBa«rr»J *&, <si - 

dSSuMH... 136.8 1448 .... - 


138.4 <05 
13*7 

1081 -12 

1M8 -03 

133.1 
94.9 

120.4 <24 


3iS : 

?J : 


IsdexLtoicHGIh.-.Z38A 2510 <0 8 

CnUJpiffli . 4) OJ „ “ 

MernsthMI Morey - 2458 2588 -0 1 

HaulAswlean. 748 788 -0.1 

Jasannt- __BO B 83.1 -18 

Bareness .. 966 lot 7 -0 7 

S2£St-- ^ 4 V* - 
BSSndbiiiB iss is - 

For Regency Life An an AEGON Ufe As 
Reliance Mntaal 

Del lance Hone. Tsabridge Welb. Kent 0812 510033 

DepoulAccFd -. Ih31 17L7 <01 

Easily Acc Fd_ 342J 360J -0.fr 

MMMHfAroFd. ... 30L4 3178 -4 3 

Prec Fd lift tune)_- 6095 

PranAcc mondial... 1185 1248 -03 

UsitTrustMn Fd... . 1202 1265 -0.4 

BL Pmtoo Fsndt 

DtnOUlAcC-. 234 4 246.7 <01 

EmilrAec__ 2427 2S55 -06 

FlaedlBtAcc... 223.0 236 9 <0 8 

GRtodxliAAa.. .. 167 0 175 8 -08 

Managed Sec._ 3154 3325 -35 

J Rothschild Aaurantf PLC 
J Rotfredilld Hone. DnllarSlnet Dr«MSUr u 
Ttwcnt- 0283 640302 HefpHm. 0413076500 

jUfittoSi Pin H*l_ 96.20 1015 -0 30 

JHAIHGla Managed— 96.40 1015 -020 

jnSad*Asnibdi|L_ 92.90 97.8S *0.71 

DotUL. _ .17 50 102.7 <010 

Far East__ 9610 10L2 -L80 

Girts..-. -_ 1014 1068 . ... 

GreatrEarensin- 1750 1025 -050 

Non*Amaricaa. ....4600 101.1 -0 10 


HorUAmirios. ....1608 1011 -0.10 

UKEmtey.115.80 100.ll <0.781 

fMflireib 

JHAUMCMioaMdcag 1358 1850 -OJO 

JM/IMG Managed acc. 1520 1008 -080 

J6USnm»IH»mdro— 88.90 93 60 +L00 

aUSnslHonnelheUt— 1050 4537 *t 06 

JWSllasBSPMgrra 1*40 1005 -020 

PSia Imn'iH UnS br 17.20 102.4 -010 

DroMHcatl..._ 17.60 1028 —. 

Dre*K*ec. ..9140 ioa.7 

Far EM rop,_4L90 96 BO -180 

Far EM acc.. 1360 I860 <180 

GSHsaC. 1003 103 6 ..... 

Ellaacc..1021 1075 

Greater Enroeac cab... 96.90 1020 -010 

Greater Eimpsm act-. 18.70 103.9 -010 

- North Arrmfeaocap. 1250 1750 -010 

- North Aiaertan acc_K20 9438 -0.17 

: wbat==u ™ as 

Rival Herttavc Ufe Ass ur ance Ltd 
PrtBtorap BoBaen Pt, PDMG 07331! 

MsWCothAteTr: 3729 3926 

Maitl Goth A AamL.. 560 9 5105 

Op Pino_—_ 397.1 418.0 .... 

On Easily.-.. 716.6 7*4.4 <6.2 

Op High TH._ 466.7 4115 <0 3 

WSZzz .»5 S 

S ine CUn... 178.0 187.4 -0 4 

IW Mao... 2775 2929 -19 

*fe?S=W 1 S 1 ^ 

fMSti _J770.7 8JLU 

^^-■so..: ^® % 

ManagedSerB_ 10040 UJL1 4.4 

Deposit Sa-B. 7488 787.4 .— 

MootyScrB.. 184 1035 .... 

2XS^!:::r SS.J — 

nadtaurea.5erD_ 2146 <0.2 

MasagrdSerO- 1405 -05 

BroStSsro.. H48 

MonjrSvD. . _ 1048 

Pmslo s UsH Tirol FmB . _ 

Gotanra Global SreB_IbLO 1704 -0.4 

GarunorsNASerB.... 16.4 1020 -06 

CartmnPadfkSerB- 2875 3024 -59 

HeodenonAscSaB... 174.7 183.9 -01 

PerpstoU Mng Ser B... 186.4 116 B <0.9 

FranHsomMaSerB.- 1»8 185.1 46 

Garmon Hood Ser B.. 208.6 2195 45 

Gaunt Earn Ser B _ 139.4 1425 -L0 

GarUBsGlaMStrO-. U45 -05 

Gorman MA Sir D.._. 112.4 4.6 

GmoacPadlkSvO- 1345 41 

Htndmon Acc Ser 0— 1»J 

Ptrprtul Mng Ser 0... 1315 <05 

Foa O s gi o* Ha Sm 0_. 10.7 4-J 

Gartmon Mogd 5v D.. 1793 45 

CarmoreCimStoD. 109.9 48 

SS3&* _J718 7551 43| 

Ensure-.1234.9 2475 4.0 

Eurapoan 5*llr Cb.._.|136 0 10.7 48 

Janus Sanaa..[842, 88.7 -18 

Managed^__11411 1486 -12 

brionlMi _, 

Aimricaa.—.. 1980 166.4 42 

Brills*_ _ 3648 27&8 45 

Empsas_17*5 184.4 4.7 

FraislerRtarMs. - . 1XL6 U75 -LI 

mu Fired MM._10.4 152 ..._ 

Gold IstniiSSacB.. 44.9 475 -0-2 

High toe... 218.2 221.7 4 4 

Hang Kang_ 2265 2385 -68 

torn*... __— 3168 3327 -1JL 

jams. 2115 231.1 -4 0 

UK Stair Col. - . 2385 ZSU -05 

MasGtl -. 3124 3214 -24 

Si 35 

KSSSSSp^nB AS ® 

lUVESCB Mill 

European SnMIa — 1U5 1115 4.7 

US Sm If Co*!.- 109 A 1089 45 

Extra UK._1182 1245 45 

Sth A East Asia Gnu- 18fr5 1165 -4.1 

GoM.__285 300 *0-1 

IncGtusrtK_231.4 2*35 4 6 

Jacas Pdf. 1374 1452 -35 

Japan Smir Css_ 127 8 1345 -2b 

UKtooma. . ...... 208.6 219.6 45 

PrsosKSZ:. __101.1 111.9 -L7 

Smaller Cm._ 174.9 1842 48 

ManGrtmh_ 180.1 1895 45 

Glh-. _ _ 792 712 - 

UBMWtaitl. 1018 1072 48 

tarase—_ 17 7 1024 

Araartun Gremn.13S0 1<2- 43 

IRI Emerging Q»._. - 1»2 1329 <0 6 

Far EM Growth... 1395 146.1 -2Z 

Esrencas_ 120.1 1275 -15 

MaoagML...J1235 130.0 -12 

._.J1M UM.al *0.71 

MaaagoL. 11335 14021 4.61 


Scottish Life Investments 

garT^rraw ^i w ^f 
;sa^-'-sa ii 4s 

Pacific __ - 1955 2060 -3 0 

Ewnpeas. _ 3a.O 3435 4.0 

InterMtlocul. 2012 211.1 4 6 

Flodloumt..197.0 2075 43 

btgtsLtokcd-.-. 153.4 1721 <0.4 

Deposit... .. 1752 1845 . 

Slanged ..204.1 214.4 -14 

VVcridwUf. - 85 4 90.0 4b 

WUPrantsPens- 775 Bl.B <0.1 

Ptm. Property- 203J 216.0 <0.2 

PM. UK Easily .. .. 3018 3178 -26 

Pen American. . . 1710 1885 <04 

Pret Pad He ... . _ 2090 220.1 45 

Piss. European-3775 317 5 -9.7 

ftialnferullfln.il ... 2265 2385 -21 

Pm. Flsed ML.- 23b.7 2412 <03 

Peso. Index Unted..-. 173.7 1B5.0 <0.4 

Pm DamsSt.--231_J 243 b *01 

Pern. Managed— .. 2355 248 0 -1.9 

Pens. WortKrWe. .... Js7.1 918 4.6 

Scottish Mutual Assurance pic 

109 St VI mat Si. 

Flex End Jsl 14 
Pm Mngd Jus 30 
SiMy Fued.... 

Growth FissU 
Onmailtr Find 


1815 1995 <03 

1673 1762 HL.l 

- ..jlfrd 7 173.4 -1.1 

- Fa*. 11243 L3L1 -1.0 


1781 1873 -L7 

1691 -12 

2*18 -L0 

1975 4.2 

81.60 -2.4 

1725 . . 

-L7 


UK Equity Find. 

UKSaiilkrCat.fi 
Earenean Fisto. 

FarEaUxniFnd 
Jaoanese Fed... 

Merth American Fatd. 

IslfrnatlDsal Fssd . 

Gilts & Fid Int Ford. 

Index-Uoaed FvsL. 

Pnwny Fad. 

Cash FcsnJ.. _ 

Pm Safety Fsd. 

Pm Growth Fntf. 

PmOoportaoHi Fsd 

PmW««VwnxiFi<_ 

PM UK Equity Fed. . 
FMIKSMrCo-lFbL 
Pens Esnaean Fad. 

Pm Far Last Fsd. 

Pert Jam * P* Fsd. 

Pm RU Aortas Fsd. 
PeaUaenmiasalFisL... 1872 
Pmaui/FnaiFn.- 186-2 
PmindeaHMod Fnc. 148.7 
Pen Properly Fad — 1215 

Peru Caw F sad.. 1922 

PmHaUtasFnd..1199 8 210.4 


< 0.2 

<05 

4.1 

< 0.1 

4.1 

-L2 

-L2 

-Id 

-1.7 

-U 

4.4 

-25 

-25 


lanatmmlA)_ 2342 

AMwy Matlsaal- 3WJ 

Abbey National (A) ... Ml 

Aetsortal _ 428.6 

AgdcuKaaL_ 723 0 

Agricuttnrel (A). . _ 614 7 

BF=^=. 

®kSSc.l'.Ti'.'.Tt ®4 

Gilt Edged Ml_ 3214 

Moitauanai-- . 442-1 

ASoa» .. *22-2 

Mossy (01 4056 

PreowtycA)__ 4382 

B&SuMfWi 

P rsototy G u sto Pmtop Freds 

Managed (Acc).766.0 

sil i 

PjS^iuSif&oci'T_ ®5 

Intiroailaail tcS—“ Sb3 

ste m 

Sbafed ^ 

S« Life Unit Assurance Ltd 

St James Barton, 


Z Scottish Provident Institution 

_ fr S t Andrews Sq. Ednbsreh 

— with Pioflu 

- Managed. 

— Easily. 

_ i m m a t is ^ 

_ Proomy 

_ Fixed biuren. 

- IndB-Unhid 

: 


Esur PerfonsKs.... 
Far EM Rnfortssnce.. 
Warldutoi Pcrfcreusca 

telMJdtpiciioDrt. 
Pm Managed Ord 


_ PmMasagrtOrd 
_ Pern Easily Ort_ 


031-5569181 
1006 ... 
mo 45 

211.1 4.2 

1865 -L4 

2015 <03 

196.1 

153.1 <05 

lOLB 43 : 

118 -L0 

69-1 -LI 

745 - 

115.0 43 

185.1 _ 

ZM.9 4.7 
254.7 45 

2125 -L7 


_ Pm Promt* Oid.-_ 243.7 258.7 __ 

Z Pem FxdtoteratOld... M3.7 296.6 45 

Z featodea-nalOid.-., 157.7 1665 45 

_ Peas Cash ore..-,-Z34.4 2468 45 

PmAmerKarPerf Onl_9*5 1002 43 

S? PessEiMftoPirfOnL 80.0 84.4 4.9 

” PnnFarEattPerf Ord—. 715 793 -12 

_ PmlVwldeffrrfOnJ. 748 789 

Z Pens BtotQlDOnL.- 107.4 U35 45 

Pm BWgSocOrd-._ 1778 186.4 4.1 

- Scottish Widows* Groop 

Z PO Box 902. Ed 

_ tar Pol IJd 17 

_ Ire Pul 2 Jul 17 

_ IrarPnl 3 Jul 17 

_ tar Pul Can Ser 2 Jd 17 

_ mMunsoiJgiU 

_ Mired Fssd 

_ PrepwlyFaod---, 

_ Imerssilisul Find-.13293 


Fixed IsL Fund— 
Indc SU. Ft 
Carta Fd__ . 


PiokFrt.ba.Fd Ort. 
Pm lcd5U.Fd.0id. 
Pen. Cadi Fd. Old 
PM Mol 
PM Si Ex 
PM Si Ex Ea 
PM Si El FI. 
PMPrtOOtr . 


Pad nc acc 
Earaoert _ 

Aredoorrerv_ . 

Deft- OinrhtoUsi_1X19.7 1268 

ire UlePmUai Minin—flM 
fharti tsr faMiMsal 
Pm. Managed Are. 

Pern. Property Acc. 

Pm EqsttyAcc... 
feat F. toteresl Act 

Pm. CajhAcc._ 

feo. baoiaL Acc_ 

Fm Annr. E4sityAcc_ 

Pan. Fto Emoo Abc. 
Pm.hH.LBhd.Aa. 

Pm. JananAcc- 
Pm. Pacific Ao. 

Pm. Earn. Acc. 

Pool Blog Sac— 

Swiss Ufe (UK) PLC 

101 Lmdea AL SntnMb 

Bmp Faelwtlnfr , __ 

£499.46 448.92 
128358 2B3JK) 
mm3 22481 

Mixed Aamgd-OT59 «J5 

Cadi Managed..{270 60 270.60 

toimaUoai Mng*-- £16339 168JS 

Exnpe Managed.-CT7.W 10054 


00551 in ii 
030 49 13788 
oao* 13451 
□0027 10559 
024% 1SLM 
£86.71 9127 

001.44 11520 
£21.25 0553 
£75.75 71.74 
Ncxtiab<«Ja«2l 


- UK 

- FTndM 

- DnAdnila 

- Mired Pe* 

- CxdFmOM 

- EaraoaPmlcn. 

- tadei Treifca 
imrenadnuJ 


Frontier Mvhtli. — . 
HU Fired Mats..— 
Cold toll Rename. 

High toe... 

Hung Kcng... 


- UKSnlrCu.. 

- MasGtl -.. 

- Global tot AGwih.— 

- UKthomdtooIGsto.— 


211.9 
1603 

_ 2073 2183 _ 

Pern.'Mired Fd. OnC.14393 «BJ (el 

- Equity Fd. Ord- 515.0 5425 ID 

_Prop. Fd.M..-. 2778 2125 ID 

tan. M. FA OnL-.—Jj°03 410.4 O) 

»— r-i-uiw Ixixa 4AL0 ul 

115.9 
309 L 329.4 
2048 0 2048 0 
21348 21348 
»0.3 905 

1035 1035 

PM taBPimaion.'~Jl5L2 16L2I ID I - 

PM ILProtccDsn - _.ll025 II... 

PW Carta ..13495 3*951 U)l - 

Shield Assurance Ltd 

4 Uxbridge RL W52B&. 0818670700 

Gartregre Mngd—■ — U33 1113 — 

Fraadtagun Hngl LUc.. 991 1005 —. 

HertBrtOS MngdUfs... 06.7 9L3 — 

FraBlagus Mgd Pest— 17.9 1034 _ 

Caitrem Msgd Fern... 1195 1258 __ 

Hfadoia«MgSFtn>.-iS80 928 

SJradia Life Astorancc Co LM ( 2 ) 

“""aawffLssss^™ 333 ^ 

SbremUhl ta—d m 

Balaoed Managed!- - 267.9 
Cantos Misread-— 10&8 

Onxah._ 2435 

Easily._ 300.8 316 61 4.1l 

Intamtonol- ZD 2 09 1 43 - 

iRttreaUanal Bond., . 1035 100-91 4.11 - 


Swiss Pioneer Life Pic 

16CnsbyU.N.WWrtoD.Userpoo( ,091-92866*5 

Fssd_—|Z7b.b 2115 [ .—.1 - 

tacji Cap Fdk-J359.0 377.il J - 

’ 133.7 1618 f -_.f - 

1035 
1308 

FdOnftl_1125.9 

NHMJOFdlM.. 

PmO’tmMgFdOUt) 

FneOtenM 
Pen Fid lai 
Pm Fed tot Fd (Acc) 

PmDeoBkFdOnit) 

Pm Dcrerlt Fd Met).. 

TSB Life Ltd 

OarfUn PL Acdoitr, Ham. SP10 IRE 0264 34S67B 

HreagidFwuL-J2084 219.4 4.4 

Property Fssd_ 1755 1845 - 

Fixed hn Fred-Jl043 1145 45 

frlmyFmL-J1B25 1U-8 45 

Eaton Fare__126* 4 279.4 48 - 

178.2 4.1 

1305 43 

10L5 45 

173 43 

1251 45 


OntoscaiauL. 
... r i Min— 


8MI «it : 


~ Marth Anoxia* IT..'"... 1*6* 
- NathEurdpere.-.2285 


USSrelrCa-i.. 

Extra toe.._ 

SUi& EattAstaCwU— 

GoM.__ 

IncGranth_ 


- Smaller Car._k 

- MtoiGr—h_I 

- Glh.. -i 

tanriaa) Psadta 

- MBiiHtaBlGtowW- 

- tarn- 

- Ansrtun GrtmUi. 

- Istl Emerging Co*.- 

” FarEMGrounh... 

- ExreseaD—- 

- Managed.. 

- TSS Finds 


_11335 140JI 4.61 - 


- Ssi^^JS^Ti”!^ 300 ? 


Pta C lf lc.. -14JC.4 

AmtMsb MatoUrT- 12L1 1283 -L0 

Eurulsdxx Mmdur— 1054 180.9 43 

toll Indre Monitor. 757 82.8 _ 

Jana Index Mosinr-. 435 49 7 48 

TlgwbHcx Monitor— 964 10L4 43 

U Ktodsi MoaUsr- 113 4 1193 43 

ItoNTtortUtolfwiindFtortr __ 

Afrtran Msssgsd- 857 .103 42 

Ban sg M a nn ed- 973 1E( 4.2 

CU Moaned_1715 1805 4.4 

Flddigl—I — 128b 1303 4.4 

Frandtogtre MaaagK_ 1635 1721 45 

GanmmMaaaire- 1751 1H7.< 45 

HendemsiManagnL— lofr/4 175.1 4 4 

JamCaaelMsgd.. . 169 102.0 4.4 

StonxremNnL 978 102.1 42 

Mortis Qarlt Uagol 305 7 11L2 4.7 

MMauawgL- L37.9 1451 -0.4 

Mo— GresMMsgl— 100.0 1052 42 

IfrsnyJ'itgwUaagn— 1005 UBJ 4J 

Perpewal Maniftd.... 1375 144.3 <10 

Sm—Mresgsd — 113 16.1 43 

TSBMoagrt.- 157.1 1693 <35 

SkMtfls Fwflk 

Balanced Mana g ed..-. J*>a 4176 



SferroH re. 


147.1 155b] 42 
1502 15511 4.41 


isi^ 9 ifcW! , *«Li 4 * 


EreuFdlCL-. 9863 617.1 H5 - 

.... . L^raFdAcfc—J250.7 263 8 4.7 - 

EremttoUFdAtt. -5442.1 4693 -L2 - 

ExnrtiGM Fd Are—1^86 !5M <0-91 - 

Eiwrt Mreey Fd 

tartUmftHIM*Ltreliaoi.L31MT. OB2361431 

UK Eastty._ — 607 63.4 — 

GtoWCreHr..458 482 ._ . 

High Yield._ _ 935 55.9 — 

iMlEcalb_— 52.1 55 7 - 

FlredfiiSw._64.7 W1 

liwty—__ 709 74.6 — 

Mnagea __159.7 62.8 —• 

UK Ena hi_ 623 656 

5iSi “ : 

toll Eashj..-. 52.6 S5.4 — - 

nndlMMa__ 79 9 713 - 


Fixed Mma__ITS 9 7131 - 

Money..... B5J 89.81 —— 

M in s gw_16X0 663f .. 

Tta Cnsd 

Tlx Exeagt Mgd. .... 1*4.1 46.41 ...1 - 

Save & Prosper Gimp (z) 

lir-22 Westerns. SBBfHdlMll3LB 0708-1 

BaltoiFd. __ 5578 5103 -0.9 

Deport Fdr.-XMb SM.l 

□Imeters' Portfolio . 950 6L« <03 

Ereogan Msgd Fd_460 40.7 43 

SEsstc=W S?3 55 ' 

SSSSS.VS 3 &! lii 


SStaii-:.: 

IxloiUtiaul Bond..-, 
hnl Recresrr. ...- 

cmnai...-..--.. - 

Coaremm Fd 1996 ... 
Ilstfr Americas.- 


Eord todn MadfUe . 

Iifllsdn Monitor._ 

jasre ladri Mosfier... 
nger Index Molltdr... 
UK Index Moaftw-.-. 

IfaR TYwrl Prestos Mxa 

Ahtnot Managed. _ 

Baring Hsngri-- 

FVJedtjMaajgrsL-. 
fraHtortw Hmavd.. 
Gamnn Managrd..... 
Hcodenon Managed-, 
James Curt Mart 

KtoHresn Berras Mart.. 
Martin Osri* MsgZT. 
MMBrtiaMHIfrn— - 
UogreCrtdftllUm- 
Sim tore— Sto 


<51 

4* 

43 

42 

47 - 

42 

- 754 
-LA 
4.6 

-0.4 - 

<51 

-15 

43 


Target Life Assurant* Co Ltd 
The Exdnage. 66 HI# St, Ayieibnrt, Bada HP20 1SE 
0296)394000 
4572 -35 

2700 __ 

7 3018 45 

.1 6042 -33 

8 2840 48 

.9 2425 _ 

.7 155J -0-6 

* 128.9 4.7 

2165 -1.0 

22.1 45 - 

2342 -65 

58.0 4b 

2092 4b 

283J -12 

18*b -L0 

SL9 4.4 

118 4 2 

1936 -L* 

17.4 45 

1510.1 42 

Ml a 43 

460.0 -14 

5670 -2-4 

H7.4 <06 

902.4 *05 

2260 -03 

1643 45 

1198] 4-11 - 

1315 421 - 

1384 4.41 - 

104.bl -051 

127.4/ 4.ll - 

14b*| 4 2 - 

iu»r 13811 441 - 

reouid m for AratorelMioo gnta 
Teuhces* Asnnuct Cgnpny Ltd 
12CtofetsbgrtfiRL B'rpoatbBH13LW , 0202211111 

Mreagrt Fond-[Sol 77*16 -68 

GIU&r IibI Id Fd_II1966 206.9 -13 

Gas* Fred_Z1l833 192.9 43 

. .—I . . 1136.9 140.9 -45 - 

139*1 

Temoletun life Assartuo Lhntted 
80 Udto* Suva, OkfiBK 'W-l IDT 1 061K4 7299 

CMUaiGnwih_-312687 132-8* 4,78 - 

goha iEwergrta.-|U6W 13486 4.« - 


MasagetfCMttoaiT 
Managed Gnnrth—J 


2dw 

1319 


21 48] . - 
.1 4.1 638 


atr:-: 

FACInlBUto- 

FGCtorTftFootofr— 

Stands* Life Ass 

3 Georgs St Edtabtogh 


108 42 

1079 42 

1415 4b 
252* 4.7 

26L2 4.7 

2257 46 

108 7 4.4 

106.9 42 

U7 2 47 

194.2 4b 
1060 43 

U33 42 

1631 <08 

205b 44 

97.4 4J 
217.7 45 


- ISS I2S 401 

" SukregwtmSiC.': oSi 7 99.00 -au - 

- Global Growth «P*n).._ 139J7 14827 434 

- GtoMEsreprtettaL- 13586 144*3 -Obi 

- Global Nrereed Ohs)_13752 M6M -O-M 

- GlotoU Flxad lot EPwtf- 12604 13*« 4.01 - 

Suritog Kami (Pad-J12162 12138 <082 

- Tnfarldge Wdls Equitable 

- Abbey tou t. ToBbridge Write W« 51X553 

- COMHIbtoccrsa._3XLD0 SSO.OO -15.8 - 

- MJ Regular- 71.90 79.70 - 

- Ul Eaonpl_8X18 8620 ..— - 

“ Prkr Ptre Eretaol_ 18X30 — 

- Do. Taxable.- 15180- 

- B«h fro bred Emshv. W« 

- So Stredard. - UM 

- bstotoObw UQb? 

- Dorai IMS Gnwrtff_ 8030 — 


fhfer +ar Vlrid 

Price - &•» 


Offer +ir YltM 

Price - 


-LB 

42 
4.6 
44 
-L0 
-33 

43 
*15 
4J 


B&atx'Si st | 

SSSBraE_=a» rej 

toUafPrtUMk290.0 3«J 

totenorUnlu...—.- 2* 6* A6 1 

fowl Key CManagM— SttZ » *138' 

ma Aow Fa. . lizo 2021 -28' 

ES^Ebb -»| 

ast&niiic.au m - 
BsiaaeHt-flsi |H 

UKErelty.. 217.7 2293 42 

UKrSSrAXXtokOl. 118.4 124 6 43 

PAM UKGressdttaL 17.4 109b <0.1 

Woolwich Life Assurance Co Lid_ 

1-3Qoccnmr. Whin,SonsyWfllHh 07373 

Maaogrt Fd.-1 UZ-T I 4.5 

Zarhdt Lift Assumn Co Lid 
U caiman Waft Partsaioat* Ml 212 07KB 
UKBM0agt«L._-., 1W.9 *Sg 

tornnaUsnl. ill n 119.0 46, 

Swfu.. 123.9 130-5 4J: 

OK Enoitv trm 124 J -1 

UPGIUGFIxedlnL—. 1239 L305 4b 

Security--127.7 13«b 4.1 

Gammed OeaML. lL6b 122.8 .— 


OFFSHORE INSURANCES 

AEtna Inti Aamnnce (Bettmda) Ltd 

Ea«aw» rate at Vahmtoi On'U5B- W. 

ssErt 5 a«=Jgs 

0 ^ 48w| 


ts 

sssjafe' 

umw-.w..-. 


Veang & Co Irt Part 
yen Special Oppc 

SAM. J_ 

list 


LOIS 

£33 Sffl 

LIOLB 1 01 * 

S£§ 8-1 
gjg 

8:8 HS 


FnWHj Mtwy Fun*-Crega. 

- FFrActual. ECj“ HS; 

- FFrDM... 5 LPK 

- HKSAKia-HKf- 

- unAKORi .. . - *■ if iS 

- Lire Ota..—.-. SfriS 

- NZSAconr- »»- 

- SPUAmn- FJ^ *g»‘ 

- sptaOM- iSSli 


T«* ™ 

« SSSSMStSp.’r 


-4 - T- toba 

— ** -i : IBS s=£=i g |g 
=1 : ^ H 

1 S@5KIln 

t Balanced Ameuidi.. £l.^& fffi 4.0211 _ GaorM Hzmgsntdt 

JfiS 5 £ESS 5 t w:?n 1001 1 :z\ - aSsSSS?' 


SSI-I : 


nriiui g raf'ir 111 . . pi i »j w. -vr 

tanrFlredSScP.- 51L3M UW 45S0 
IsURrttortatoMtS)— S8.400 684* -02B0 
6Aarefra>£2^(S).. S2245 2J65 MJ.03S 

PreffkEmmSfS)_S1390 1.635 -o mo 

PadflcEototyO)_S3568 3-355*0 170 

Sor2(D ... 1473 1551 -4.700 

SurSOU_ 13X4 145 -«JOO 

Sur 4 ID.. U0.9 137 8 -5500 

Striitog DaeorilfO.... 3355 3S3* <0500 

StarftogFtoad tot<£>-. 5623 51L9 -4300 

UK&^ttriD —.. *128 -aiwe 

(IK Mutat'd (O_ 371.4 311 0 -10 

OK Property(D..«76 923 +1700 

World bereth (S_SI.405 L480 4 060 

Aitewy btmitlml Assurance Ltd 

SI Man's, Catloan. trie of Man J0«4f 

Gfcbal Seailag Fd._ CX.C02 4-008 

UKSUrOagFd.. ££Lioe 4.001 

S948 4 Oil 

U.K. BheCHpSlIi _. £1213 4-002 


C Bxlancrd Gartmin- [£0.1« iMO 

SSSSHUfe ^ 

iSSSHSS- II s 

k cniMff . SO.^40 L010 

?£SSSSSs&-»« tffi 

,BU»x.«f£Sa).unf- SL«9 LI49 
*1.116 L200 

a'sssnsseiiSS tg 

FainSxmdaacM. Ean jl* IW 

StfL 1 "*" lSlW SS 

.401 L474 

SIM wsau 
nEPBB 111 
£1193 

61900 66500 

OFbIMtur..,81-300 ST 400 

YowgACtaBtotoPtoxi— Jso.711 0.773 
S*a m*on IntPiBrtiMrai.Life_ 

r= 

|S : 

Imi Bond Fred i — S-?2 fS 

GlltFtortC _■ 029 559 - 

US DtoLre Msoil Fd S - SI TO Z8B - - 

SUaStanagedrdX..- £1.12 120 . ... 


ts Egs 

EmoreuSrtX jiawti SHtol h »U*' 

»» GUERNSEY tHEGUUTEfiJW 


pSIa 

OFSSurllrt 
OF* Dollar... 


- 41 UHire. urewiuii - 

- WMdSogaa.Ad ZP.~t X- 

: : SffiSSP^'^Lm- aaaaf.W ^srr f? 

: 5E S5SW--3I t - ^^s*r“ <6 7« 1L “ 

: Eftiasiiirir^Sore »»* - saasase ms is sal I : 

- etou. pBod Ufflited ___ Badenira Gfehal Innsbnnt Fntd LW 

: gssssst-.jsasfi “p-J- 

: CANADAsbecossbeh . SSTSSJ^mAtM. 

2 _ _ __ __ OmrartUsMod-. . WSrilSb I158I * 

I dm Pm Fro Fratat-Cortml m HwUrtnalTncst adasofen 

Hwri«» Fiad Itows TOD Ltd __ 

- for fionr A Star Pe otom m * C8C am Maom wra CC ay Ufe rt Ltd 

- GBC Asset Management mMcbAsI*! T»?o *5Sf Hfajlzai 

: I SSSn?^^g^ L fioail - 

_ escnatamuQhae-_T c3r- 3te | - t - S5S-s55wrh*- kiiflsi usra -ornsjobb 

I 4o «feW^rti nZ2kJ f *ik yhT^Hmm jSizgjdioii taiibl *« 


■u Offer +ir 

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SUgllasagedf du. .-IU.12 

Target InteniatinMl Gram 

1 nr EmUxBlao. Lomtfflcxxg T 


- GUERNSEY (SIB KE0OGSEB? 


ItMWTli 1 -—-*■***- £422 4 019 

mil If* }lX 163 l.J46]4fK»{ 

MmKKSPltfto. 1*2181 233*4 00/ 

IM AGretUBPiifto . 15X485 I 7101-4 0081 

Fro Hotomr Fd Mnqn ter PnrieMial Fd Mcgn 


U.K. DISC Uto CAM_ mrj -v.ujre 

GidMcaroSuritoa-.- U-77? 4001 

ClclnlDairoFd~.... lam -flOK 

(JKDuHlr Fd_ U-169 4.001 

ExioBcaa DaOarF6— SX2OT 4.00* 

Janas Dollar Fd_ 50.833 

KhAaoritHlMlarFd- SUM 4.008 


IHhAaretCHlMlarfd- SUM 4.008 

Pacific Bara Dollar_ S1057 4018 

Gsd Monty Dollar.._ sxozi 

TKA Globa) Fd__ to 762 — ■ 

M ra i ii Wiw Fll _ El-158 . — 

UfrUDeauSamtk.-- DMLOCM 4 0Q3 

CtoUNDasastarin.- DML171 4.003 

GtobafBredStto-_ £151* 

Gtokal Bon) US min... 6X411 4.003 

toBgbaFWtoUim- £0.917 


Gtotal BondSelg._, - 

Global Bond US oiln...| 6L411 

toJBytoFWtodOVl-l £0.997 
CM1 Iasmncn Co Ltd 
Chrical Merita) Hst. Dtwgiai LO.M. 
nwitooPOr*- 
IsroroaFd.. 

Seamy Fd. 

Balanced Fd 
Ooocrtxxity Fd. 

Dacha Eoafty 
French Erehy. 

GromaaEraHy 
B reton Equity 
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FINANCIAL TI1VTES WEEKEND JULY 25/JULY 26 1992 



FT MANAGED FUNDS SERVICE 


1 Current Unit Tried prices are available on FT Cityline. Calls charged at 36p/mlnute cheap rate 
and •tap/minute at all other times. To obtain a free Unit Trust Code Booklet ring (071) 925-2128. 






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Japan Erato Jal 2k.-1 - 56.946 

IBBM J: 

CHfurr Jal 27->. ■' X3S.H3 

EBC Trust Conwy Uersey) LU 

EKAjanTfiacM 
I Mara* . — 

Capital 




Mira EraS. 
HAltoEagB,..—. 


KE.fc.5to 

5SSB5. 

GcnaMitota^ra 

ss’sH 




KWnwort Bmn Select Fowl to) . g^itoMOvI' 

KBrtAMrtofftr^iy^BMmq ^10^^7991 naS-rS M DM k . 

IIS L79 
Ear- ixs L65 
Ear- 1.19 106 

FM- 1L72 1242 
Ettf* L92 204 

Era- LbZ 1.72 
Sr 201 2X1 

Em- 1.98 208 

Em- 2.79 2.93 

Ear- 1*1 L90 

W*3».« 357X3) 


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Pactnc...- 

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GSSrtSj&I 


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- CSEmBdB.. 

- CSGaUmBdA.. 

- BGaldenUB. - 

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- CS Eton Otar Ota A DU. 

= absmet 

- CSGrffd MtanA/B 5.. 

- airnraiMiAPa- 

- QMsaoalbtriaBPu- 
aflraiirtSFi Tpc DM.. 


rdJt 


5X47 

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21.933 


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fflAacdetaGnL-lbll 

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E Sa£2 ^tS,U66«ZA»y07.- — 

BnuitolMDiSEHLl V 
lkUH)l»CaSUV..I *- 

Liberty.ALL-STAB Worid PMIa-Egbr Fdto) SnmaiBP f.7" 
2 IraliMid RByaLiawwfadfB CSEwwl 


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CSGmmHAjnDMl 
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CSUKA/B E5ig- .... 


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. AmrrttraGaffb-. 

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£-09824 104S1 
S-20746 2.2WO 




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Froodi Franc Bmdc. 




10 X 8 F5«r - Batwa Japan Gem Fnd 


Drtaa Japan Grra... 


- 

- UKEoaUtt — 

- WariJftSy., 

- Gota-- 

- Omrarta*#-.- 


CS- 121X7 123.90 
SFr-10809 11002 


DM-11215 110.U 


FTr- 1.1238 114.72 
fi- 12L49 12422 
V- 1X220 1X472 


Ul- ULM114X9 
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5- 96X9 98X5 


5- 188 C 10247 
5-105X2 107.49 


5- 47.69 48J6J 

..... 


SU35Z4Q22121 jJgatfBfif W "fttoi - 
- Dean Wttler Worid Wide Invest. Tjt 


- MV.. 


mstaai DBM 
NoWUlff BHDll 
DM9015 9LH 
0*4113X8 U7S 
510657 106X7] 
1149 00 14* jn 
DU9899 9900 
MQJ257 III 
EcffWO* MUM 
GtoMSOb 146X2 
Dfl96« 97.92 
DHUIOS 13035 
5)0023 1 02X6 
■Main 

I0U236.R rasn 

WtlOJB 316X7 
5737 JO 766X1 
S164X4 16764 
TU194J7 19/E2 

Ol 


DM21054 ' 
mdiqTI 


IO 


-0021 


(UjOSA 


„ rnifmhM cnurth e,.* UWco Financial Setvltex SA Lax 

®* LTWr^g WDWtf) Fund K MMsuwiff Boat Ltd 

- yv 1 - 1 “ UnkfflHrtL Faaff - . DMM65 JLOO 

IMmEaaKyEuMui) DWS503 58621 

- Wanil nr NAPT (iBXKnbnrg) SA 

- ltatafctoficaiclalUV_r £13.91 1 

Z “WHiTEHTHUIt* Fimd Monrat pa 

WIN Global (Ml Band.. Earl 11 78 

- K5SSS1£1&:J &£& 

Z Wartd Baud FuHd-SlCAV W , „ . _ „ 

«, Worid Born Ftort-£26X9 27.5 1 i *0 051 0.73 

ta* Aff WMtog Ann Magi LaadBn 

: SSt6?^!| SS I -0311 - 

- Warrant* HAV .J SO 1? 

- UNIT NAV_.1 551.02. ■ _ —-. I - 

- Yamalthl Adnueijd TedssssteajPhnd ( 

= IW""^ - 


For fortffl SooffNiei Ht Fount Food llogat 
Formosa Fond 

HAV Ju)y23 HTS1.71X.44 IDRnlw USX69.060 
Formosa Growth Fund Limited. 

HAV.-1 *1009 i ...I - 

Frankfort Trust Investment-GodiH 

FTIotanto.-Z|DM*0.9) 4216] _ 

rnakn.Effm m._.I nuuxi mod ..I 

Free Worid Fund, 

NAV Jaa 30_I *72X0 I ..-.I - 

The French Prestige Fund 

•UVJBI17. .. J 523 68 ] 

-. .... J FFr132.90 I ... I - 


Futures Fund Mngmt LU 

Gill Hlgb-tacooH_.Tib 5 17.4 

Goto lac,_|H>43 D46 

GoldAoptoiAUna ... 1*046 049 

GT Chile Growth Fmd LU 
NAV Jal 14.-J £30.71 


NAvlaffm. ;... 
Managed Futons 
Fran Adman uaJff 16— 
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MUIT UMITED-OH.. 
HUriUMITED-tac.. 
nan STB LTWstt. to- . 
■OHTSTOLTDritaim^, 
II IT ETDLTIMta 1994—1 
UHT CTO ITWhc 19W-- 
HKTCTOLIO-AagMSS-. 
MINT Alabrt GU Ltd—i 
rBMEMMTGTDPCC.. 
MINT SffRu tad (SHP).., 

■AA Pacific LU_ 

AOffto DnH Travel tad_ 

Mootwraud Cvrlrt- 
NHotalFtaraouhc.. 
toi (Off (tariff IH ta— 

JtlOMSUFataiB._ 

AH L/AON.. 

11996 tad. J 


| fasttotiona! fund Ijtd _ 


- Maverick fatematlaaal Fuad 


HAVJhrl*.. 


510 81 


M 0 "°. u f - 


Futons 

546X2. 

513X4 
£2384 
523 06 
51889 
Sib 99 
514 03 
5122.66 
*123X0 
S95.9J 

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518.47 I 

I Ud 

5108* I . 
Thnmton tewe rtm ent Management Ltd 
Etatera Crkurar— - 58X2 85260 -0X8] 
128X3 29X363 -LS7 
5446 4 6830 -0 06 
S2425 254625 -075 
06.79 386295 *0.26 
04 66 363930 -106 
S17 44 183120 -0X5 
*9 71 - *0X4 

00.78 218190 -0 45 
tfl 23 0*4 *001 

DM23 40 - *0X0 

£3X3 - *0.01, 

DM10.01 - *006 

310X2 -0.19 


LKUr Drawn Fmd. . 

PUtotorhcdtai ra¬ 
nger Fiad. 

Japan Food. 

Karaa... .- 
Oriental to Fmd 
Pacific toy SA£ul. . 
PacH Ic ta SA DM U).. 
PffiiflCbffWiUIU-. 
IWMdmVIMsDMU . 
JffnrmKWUA 
HnTKvMtcttam 
Tkailand.. . . 
Matoita... 


Tharntm Tahaff Pad 

Emily tacaira. 

EmtlyGmU .. . . 
UMdlty- - 


58 92 

510X4 

56X7 


-0.06 
-O 10 
*0 01 


*0912 

510.02 

XIODO 


511004 I - I 


1 „ 


sum 

GTffiEAHFdU). 54SJ1 


GTAstaFdb)_ 

GT Alta Starttagta)...- 
GT AiamUlaFata) ,.. 
CT AnffSatfflCoi— 
GT Berry JapmFdUZf 

BMlKd 

GT Bold Fmtf (41._ 

CTDamcNiadFaU). 
CT Donor Ft) Ul_ 


: SWITZERLAND (SIBRECOGNISED] 


.tart 


se 


BU Whr + ar 




- BJJL Band Investments AG 

- 8 Baorirarattt CH63Q1 Zra. Swhialrad 

- ItoerSf, ScrtoA-Z7T 5r- 

- BanrSI SdriraB. ..I Sff 


_ _ , 217180 

B390 0 8920.0]—Z| - 
8S40 892.01_I - 


56.66 6-761 -OXll - 


524.96 I 


The Dragon Fend Slav 

- HAV Jul 2f-J S112.Z6 I - 

Z Esplrito Santo Imtstmari 

■ SoSmEaroptaafiL—[ . £838 

z ECU Bond_I EmlD3.91 

_ EhCHU Karia grawatrt SJL 

- SShNmSSSj Ecu23.Il I ._] - 

- Enrage Mbs Investlxsemart (SICAV) to] 

- HAV Jol 2*-rT EaOM»8 liflaiT - 

“ Europe Value Fond fa) 

- HAV — .... ...T SUO? I *9 031 

Z 100J*I 

- Fldrtity_fatl Im Must (Lux 

- CM*SKPortwii_ Tsaia 

- New Eornpr Fd__1310.47 


: OTHER OFFSHORE FUNDS 


BU Offer + or 

Pro Price - I 

ATSP Mamgement LU 

zmiussrfSo \ _» 

Abtrust Fund Mogw (Cuemsey) LU 

ItaHn Alla Fwrtlfd . 

NAV USS (dlkitM) ..... | J- 

IMSHhUtefiJda— I 57X1 I ... .1 
Acfig Investment 


CTCtoalSauACWit.-. 

GT Hoag Kam H(|5.J 
GTHSko Stall) 

CT Korea FdW.ZtoR 
CTLatoAiMriarairtJH 
GTNmb tod Cti rau) 

GT S)rajtica * OitooTl 

GTTilwanFam_) 

GTTccbaalagy FduL.'jj 
ETUKSadCiramraa ■ 

|GT US Small Cotta) 

Gala Curreiicy Funds 


Gou Hedmll..__ 

Goto Itorigr ill_ 

GotoGtilCrnnl.. 

fidUGuCrracyn _J 
Gila Stria Frtii« II ..~ 


£13*3 
SZ7 14 
51604 
09*8 
Eli 64 

51828 

sum 

01-94 
S24 02 
514X4 
534XX 
532.95 
117X6 
531X4 

*7 94 

SIDES 

14.73 

5307 

siaxa 
533.63 
51L61 
57.42 
543 91 

a?04 


-051 
-024 
-0X5 
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• 0.11 
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-0.90 
-0 05 
-0X4 
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Far Marldlaa Fork v* MIS Mar Wi a Fade 
Merrill Lynch Asset Manwemeut 

Dollar AjffdP-fMio. J ll.pO | .. 

Mac tott Parttona T1 S10.00 I -1 

MtiTfll Lyra* Sbart-Ttoni Writ* fcCOTd 
S9M 

tt.to 


r‘.i 


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510 16 
SIO 13 
3806 


001 

7.19 


ClaaA .. 

- CtonB. . 

Merrill Lynch Guernsey 

172 wall FdflAV Jal2S_| fa 
z .12 umCwl6aluyM17_ 

Sr% Indwa Cap DU HAV. 

EeuSoattNAVJHa-. _. 

7 VForWanaaiiaAaalyl 

1 Mom eutom Asset Mgnit _ 

g W-rrwi(talrjM.m_ 1 5102X9 I _ -I - 

- Moron Stanley Enwralug Market Fmid 
0X4 EniorgtoglHaJri 17.-T *17*6 T _ L - 

o07 tfarfan Stanley Jpa»mWarrjnt Fiujd NV 

iii : ^SnsSnEaTaii 

Aaloa Wamraa. 


Trans Global Investments Limited 
Tram Glow tor LU ..1512230 129 «l I 

Tutor BVI Futures LU 

NAVJH22. . - ..T 59670X9 1+1357] - 

Tutor G-5 LU , 

NAVJW2L._..J S 1222.22 I -8 271 - 

Tudor G-5 Unit Trot (Jann) , 

HAVJWyB— f 5948X8 I - i - 

TyndaN Intematlqnal (Bermuda) LU 

. *9 86 tolT 

C512 63 1327 

i l297 13 63 

1291 13X6 

(31866 14 (0 
51X.48 12157 

SO 60 14 29 

512.47 IX10 

The Vietnam Fund limited 

t . i 


AaSosUSHiK4-U_ 

CffHOI Pronalaa. 

Earaboml M 2 -U. 

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4 65 
2 60 
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553 39 3393 
*77.74 
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STiUOXt UOSl 




HAV July 20- 

Alliance Capital 

latarartloori.. 

l umw Ioa al OaaB . 
Oaassr . 

OaraarCltaB__ 

CUkolSatoKCa*-. — 

(SO Ca Clio 0._ 

CwdlaaFd. 


Aeta Malaysian flrawtb^d (Cjornanl 


Gawtix Ftaid i .. 

Olk Fd HAV Jul 15 
CtorrgtajUbsJrtiS , 

HiUytu HJtsJd 13.—]: 

CdftdatFd Jal 15._i 

Gcrtnst SA 
Simarsl Portfolla. .JShUSTO 213301 


LU , 
2881] 
2159 

m 


Ltd _ Global Aosel Hangment 


n* 25 
£1*08 
*1957 
514 63 
*9.90 

fl.ra 


1308 

1408 

2103 

KH 

9 78 

343 


*0.03 
*0 08 
*0.04 
*004 
* 0.01 
4001 
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USS fesene Jit 17-«S0000073820 tt.77*) 


GAM ma_ .. , 

GAUtatltragb..J 

GAM ASEAN_~ 

GAMAratralla.._ 

UMBana. 

GAM EarMOta_ 

OAMCarrmFd. 

GAM From _ . . 
GAM Fram-ral SFr. ... 
GAKEAHCOFradto. - 
GAMGkftdFl_ 


1304.93 

*307.99 


5144.69 
5313 68 
5101X4 

FFrSwLJJ 
SrtUS.44 
5153 00 
*112.70 


-0A4. 


IK Iff* Uya Ftad LU—I 

lewaort Intenattoual Managenunt 
0 24 Hot mU. SocwlllH. ...I W34834 _ " 

•j 

Z Nomura Warrant Fuad 1990 Lid 

Q4 , NAV.-.-I SD.2B._1_.. 

lie North Star Fund | 

- I rata Fowl - 

- LowBUk Food.- 

_ HUM Fuad..._ 

- BeiU Fond_... -... 

- SKond Lmr Rffa Fd..._ 
temaHtotef 
Mind loll Fd. 

- hunt Fa (CiraunJ.. 

- HMPpf FdlOfiiud... 

“ BandFdEaytMaJ. 0101410 1440 

- MludFSICiyrmaal- .. DHL270 USD 

- KVSanford.. OKrl540 1340 

wghWconaFd. .. £127 120 

_ OrfftorGrttaUFd. _. n.42 L4J 

Dollar loan* Fd.SU6 1X7 

Harts Bar lmmatiaariBramn Fro 

- US Dolton _ - .. 51X0 15.1 

- PoaMSlfttilie . _ U55 15* 

- DMKfriUrt._ DU1470 1480 

- JipwtTu- . Y14800 14900 

Dantai Knacr.._DKilXLO 1320 

SnaFtoit-_ SFrlSBO 1990 

FirraFiro.. FFr1440 ICO 

SffCdhX Knacr_ SKr970 98.0 


- European Warrants.... 


510 86 1X30 
*4.75 5 04 

HKSLL24 U09 
520X4 
510. DO 


(Berawito) LU 
33 14 01 


-0X8 


*009| 
*0081 


Wellington Fd Moore 

tariff GrtortbFd TSIJ 

Wdb Fjrge U.S.IT Fund 

WcBl Forge ASM U). J SU« 

Wdh Fargo 0 Stall).. J 51098 i 

Worldwide Llmlfad 
NAV Jn 30.. T 592X4 I 

Spfalas IntematlBial fav ert meot Fd I 

HpMi»l*USD._.T *10787 

HpCta bn ECU . I EB1027J I 


_l - 


- Norttifkid Intenatimul LU , 

- NAVJuoSQ._sio 09 I 

: Old Ironside toternational Ltd 

QldlnnMrtJan30..1 588.12 I 
Z Omega Overseas Partners LU 
_ taratora ParaiJtaB—JT 5103 97 


_I - 


- Optima Fond Management. 

- OstluFd HAV Jol 17_. 51307 

- feUBFffsFdIWJffll. 511.99 

- DNki9mFiMrjriI7_. 510-11 


I _I 


Fd I[U __ 

: W^.i !, t» w T!r - 

I MANAGED FUNDS NOTES 

Prica u* Hi pc*e anus eurawta tadKatM ud one 

- (BlONledSffiUinopRflirtttr toUX. orilon YWtfi% 

- allow far 01 bay tog fitoK Prtoc of anata offer 
* tasrou lMod pUn wbjNt id cjhuI gokn tax no 

- gala I DMnBoUOO frwol UK lout (PwWdlC BiU lffi M 

- iraorj«cpura.»Snaktaraiaa taraanot aDnianaM 

- la LaMOWaag m ■TjcflS lUnferutlagi tar Cal bettor 

- imnUBCiff la Tramhnbta SrcarlUn). a Offend price 

- Indian all ocmik otw ageot i nHumuiaa. x 
Pinion diy * wk* H Cta«y rag t Soifieafcd. ♦ 

_ Ylridhefanjftinux. lE«-uiMffklon ttOaly OMlIaMr 
to auriuMe Mtot. * Yield eekana Aowi o ara ill i id 
raoinf HAV laorasr cdnlirMioe 
(**] Fnodi oat SIB racomhad. It* nautolrn aaUarHIti 
far uni laiuh are Gartnur Financial torrlcti 
Cffffrii M taa; iNffoad- Cconl Altai of i n land . Ue of 
Mjb. F InaneUi SuDtrittkw Coaralulaa; Jersey. 
Canumttoi Relltlam Ortratmen; Lraenboarg: laHJUl 
MaattaJrc Umraboeryeo l g 


xA 































































V 


CTlMANriAL TIMES WEEKEND JULY 25 -JULY 26 1992 



US MARKETS G; 

iro 

AAR Corp..121 

AMP lac_Bi. 

AH* CMP-.u% 

ASA.90% 

AAtWtLabs ..n% 

AcmeClmiJod ._ bh 
Advanced lUcro.... 8% 

Aetna Life.43% 

Affiliated PatH.11% 

AJtoc...32% 

AhnumanlHF) .... lb% 

/UrfadiOcntiai_41 % 

Alberu-Cuhcr 8 .. 23% 

Albertson's..41% 

Alcan Aluminum ... 19% 

Aha Standard.37% 

Alexander* Alts.... 22% 
Alex & Baldwin ... 22% 
Allegheny Power... 46% 

Allied Signal.54% 

AWtanCMfta_72% 

Amax.. 19% 

Amdahl Corn.14% 

Amerada Hess.45% 

Ancr Bran* ........ 46% 

AmerCrauntid ..„ 38 

Amer El Power.33% 

Amo - Express.23% 

AraerteHCorp ....48% 

tanGMdapQA_43% 

Amer Home Pr.71% 

AmertatcraatJanl _ 92% 

Araer Natl Ins-42% 

Amer Stores .35% 

AoerT&T.43% 

Amertuch..67% 

Ames Dept Sum .... 0J6 

AnwtekbK.15% 

Amoco.48% 

Analog Devices.9% 

Anbeus o-fuid i.... 54 

Aon Carp.46 

Acplr Computer — 45% 

Archer Daniels.26% 

Arkla —.10% 

Armca.6% 

Arm str ong World.. 28% 

Asareo -.- 27% 

Ashland Oil.24% 

Atlantic Richfield .110% 

Awo Data Pro_42% 

Aotodesk.39% 

Avery Dennison __ 27% 

Ametloc.27% 

Avon Products.31% 

Bahncotop.6% 

Baker HugbeslK — 22% 

Bancorp.32% 

Bally.4.87 

BaJUm Gas & £1 .....23% 

Banc One.44% 

Barxtag.68% 

BankAnxrtca.44 

Bank of Boston.22% 

Bade of hew Tnk— 91%ri 
BaaratTnotBY_60% 

Bandars 0>C ADR .... 23% 

Barnett Bretts Fieri36 

Battle Marat Gold_7 

Bkfidi&Umbloc ...49% 

Baxter tot).37% 

Beano Dickinson.. 75% 

Bell Atlantic.46% 

Bell Industrie*..... 9%M 

BeuSooth.50% 

Brio (AH) A....45 

Beneficial Corp .... 62% 
BethWwn Steel... 13% 

Beu Labs._...53ri 

Bntrly Enterprises.. 9% 
Black & Decker ... 21% 
Block (H&R)..34 

Si Slssssr:=Si 

Bwi/Wtoc.30 

Bowaterlnc.19% 

Briggs 4 Stratton ...46 
Brtstol Kras SOU— 65% 
Brit Airways ADS.... 47% 

BPADHV;.-...48% 

Brit Steel ADR .... 10%d 

Brit Telecom.-64% 

Bmad Inc..17% 

Brooklyn iWonte— 32% 

Brown Forman B.63 

Brown Croup.23% 

Brawn ASharpe... 5% 
Browning Ferris ... 22 

Brunswick..13% 

BurlingtonNtho ...37% 


:0Q pm) 


*% 

+% 

+1 

-1% 


-% 

-S 

-% 


+% 

-% 


-% 

-% 

+% 

+% 

+1% 

+% 

-% 

3 


* 

:S 

-% 


JMy 24 _ USS *o*- 

Coon (Adolph).19% -% 


_Jlphl.- . 

Corestates Ftol.50% 

Coming Inc.36 

Crane.23 

CrayRricareh.24 

Cnee Co>k ASaii —32% 
tonmlm Engine... 64% 
Ortta-Wrlgm.... 28 
Cypress Sen icond.. 9% 


a 


Cypres Minerals. 


C81 lads.31% 

CBS...188% 

CUS Energy Cara — 17 

CftA Flmnciil .83% 

Cf*C International .47% 

CSX .62% 

Cabot Com.46% 

CUMtelllosp.36% 

Cu Pacific.14% 

Capital CHJes ABC... 439 
CapHal HoUflags... 59% 

Carlisle Cos.44% 

CnDaPwrAU_50% 

Carpenter Tedi.42% 

Carter Hawtqr.1.37 

Caterpillar.. 53%ri 

CentriCore.. 29% 

Gttterlar Energy._ 16% sf 

Cents Cora.46% 

Central&SW .....29 

^mpk»irtl'7.'l- 25% 
Ounotog Shoppes... 30% 
Chase Manhattan _ 24%ri 
Oemkal Bkg Corp — 33% 

OmroaCorp.68% 

Oikpitta Brands... 16% 

Chris-Craft.. 26% 

Chrysler.. 19 

ChoMCdrp.73% 

oK WUOMkZ 3% 

Sak&^Ml!" S’* 
aerid eras30„ 

toSrfiiip:::::: S% 

Coca Cola-40% 

Coca Cola Ent.12% 

featSt 11 

ComcattCorp A.... 17% 
ConnneraeCl Use... 15 
Comm Satellite ...41% 
CommonwEdison.. 27% 

Corn Edison.. 29% 

EfcrzSt 

Conti Bank Corp ... 17% 
Oml Corp.—......32 

Cooper Ms.46% 


I 


+1 

3 

+% 





DSC Common. 

DOE. 

Dana Corp. 

Data General. 

Dayton Hudson. 

Decs*. 

MfliM<%tr&L — 

Delta Air Lines. 

Muse Cara. 

Detroit Edison. 

Dial Carp Dei. 

□Mold fate..... 

Dlglul Cow ms. 

BMtai Emilpotent ... 

Dillard Dept St. 

D (saw (Walt).. 

Dole Food toe. 

Dominion Res. 

DowllcrlRRIASas .. 

Dover Carp. 

Dow Chemicals. 

Dow Jones. 

Draw Corp___ 

Dresser . 

Dreyfus Cora_ 

Duke Power. 

Dim&Bradstreet... 
DuPont. 


E C AG Corp. 

E-Systems... 

Eastern Enterprises 
Eastman Kodak... 

Eaton Corp_ 

EchiJn Inc. 

Emerson Electric 

Engelhard Cora- 

Enron Coni.. 

EnserdiCorp.. 


• 22%* 


Ethyl! . _ 

Exxon.-. 


135 


FMCCorp. 

FPL Crawl_ 

redden Cora. 

Federal Express .... 

Federal Mogul. 

Fed NatMtge. 

Federal Paper Bid ... 
Fletdcrest Comma . 

Flu toe A. 

Flra. Bank Spumt_ 

First Chicago. 

First Fid Bancorp.— 

Hist interstate. 

First Mississippi... 
First Union Rky... 

Fleet Flat Grp . 

Fleetwood Eaurpr... 
Fleming Cos Oklah... 
Florida Progress... 

Fluor Carp. 

Food Lion A. 

Food Lion B. 

Ford Motor. 

Foster Wlweler. 

Freeport McMoran.. 
Ford American Cm 


GATXCorp. 

GEICOCorp. 

GTE Corp. 

Gallagher (All..... 

Gannett.. 

Gap Inc Od. 

Gencorp .. 

Gen Am investors.. 

Gen Cinema. 

Gar Dynamics. 

Gen Electric. 

Gen Mills .. 

Gen Motors. 

Gen Motors E. 

Gen Motors H. 

Gen Public Util li- 
Gen Reinsurance.. 

Gen Signal .. 

Genuine Pans. 

Georgia Pac_ 

Gerber Products.. 

Gillette. 

Glaxo ADR . 

GoUen West Flof... 
Goodrich (BF) ..... 

Goodyear The. 

Grace (WAR). 

Grainger (WW)..., 
Great Ml Pac Tea ... 
Great Western FW... 

Grow Group . 

GfuraraanCorp .... 

Golf States UU .... 


.25% +% 

,26% +% 


: 5 


+H 


«% 

, 57% 

. 30% 

, 51% 

:& 

:& .... 

.45% 


62% -% 
.35% +j 


.46% 
,25%m +% 
.17 +% 

. 11 % -% 
. 21 % +% 

. i5% .:. 


Kailibarton. 

Hanna CM A) ..... 

Harplschfeger. 

Harris Corp.. 

HarscoCora -— 

Hanmax. 

Hasbro.. 

Hecla Mining. 

Heinz (HJ). 

HrimetkkAPqwe,. 

Hercules..... 

Hershey Foods ..... 
Hewlett Padard, 
HHtoaHoteb ..... 

Hitachi ADR.. 

Home Depot_ 

Homestake ........ 

Honeywell.. 

Hwmd (Geo) ...... 

Household InU. 

Houston tads_ 

Homan*.. 


-19% 

I 




3 


3 


i' ^ 


56% +% 

» s 


.... 

,58% -1% 


.48 


+% 


-i 


.21x1 4% 

«% 


.45% 

23% 


IPTlmberiand _. 

ITT Coro. 

Illtoob Power.... 
Illinois Tool ..... 

KIADR .. 

Imcera Group .... 

IHCO. 

logtrsoll Rand ... 
lumd Steel..... 
Intel Corp. 

sssar— 




IBM-._ 

Inti FlavA Fr .... 
Inti MuiUfoodS.. 

Inti Paper- 

lie. 


:K 

.26 

. 22 % 

,.4GS 




+1 

-% 




tateroutdh 
Inter TAN . 


.. 63% 


+% 


James RhrarVa.... 
Jefferson Pilot.... 
Johnson Controls. 
JotasMAJcdnSM - 


19% 

& 

46 


3 


KMart. 

KeHogg.. 

Kennametal. 


. 23 

.64% 41% 

.30 -% 


JBtf 24 


OSS 4 or — I Jtoy 24 


OSS 


Kerr-MeGee. 


Klitacrly-Clart.. 
King World Prods 
Krlgftt-RJiWer .... 
Kroger ... 


LSI Logic. 

LeggetAPIatt. 

Leocadla Natl . 

Lilly O). 

UoUtedloc. 

UN Broadcasting.. 

Lincoln Nat.- 

Litton..... 

Uz Claiborne.. 

Lockheed Corp..... 
Loews Cora. 

Lone Siv.. 

LeegHlaaS Ugbt .... 
Longs Drag Starts... 

Loral Corporation . 

Lotus Dev Corp. 

Louisiana Land. 

Louisiana Pacific.. 

Lowe's CO (IK. 

LirbrfWf. 


Price Co.— 

Prlmafk Cora -. 

Prime Motor Ins.... 

Primertca. 

PmctvAGaeMe.. 
Premia Cos Inc .... 
Proridenl LHe 8 ._ 

PuhSavEAG- 

Puga Sand Pswa — 


OuaiarOau...— 
QtanexCora- 

Quamom Qmakal., 


MA Comm Inc. 

MO Common- 

Manor Care 
Maori He Cora ..... 

Mapco loc. 

Marion Merrell .... 

Marriott. 

MarttAUdama... 
Martin Marietta ... 

Masco Corp -. 

Massmutual Corp.. 

Mattel Ik- 

Maxus Energy. 

May Dept St. 

BffiSSffiw-::: 

McDermott __ 

McDonaMs.. 

McDonnell Douglas. 

McfirwNIN. 

McKesson Coip. 

Mead Carp..—. 

Medtronic.. 

MeHoa 8k. 

Melville Carp. 

Mentor Graphics ... 

UercaotneStem . 

Merck Ik. 

MeredUb Com ..... 

Merrill Lynch. 

Mesa toe-- 

Microsoft... 

MUIIpore. 

Affoe Safety Appl.... 
Minnesota Mine _ 
Mitchell Energy .... 

Mobil CQfp.. 

Molex Ik- 

Monarch Machtool.. 

Monsanto- 

Morgan UP> . 

Morgan Stanley.... 
MorrismHCnudsep 

Morton InU .. 

Motorola IK.. 

MolUroedla Inc .... 
Morphy Oil.. 


UR Nabisco. 

Ratston Purina — 
Rank OtaBflt ADR — 
RaychemCorp.— 

Raytheon- 

Reeboktod.. 

fcjwf* AftyiA— 
Reynolds Metals .. 
Rite Aid Corp 
Roadway Sendees .. 
Rochester GasAEI . 

Rockwell Irtl. 

Rohm A Haas —... 
Rohr Industries — 

RoHInslw__ 

Rome .....-— 

Roman.. 

al Dutch_ 

jbemrald.. 

Rudtflck- 

Russell Corp—. 

RymsrCo 


- 2 % 


+% 


SPS Technology — 25% 

Safeco Corp-48% 

Safety-Ween .- 28% 

St Paul's Cos_73% 

Satomootac_ 


ft 


San DIMS GasAEI.. 24% 
Is>Aj IroSPac.11% 


3 


My 24 

uss 

+ nr- 

Wal-Mart Stores 

.. 54% 

-% 

Wang Labs S.... 

„ 2.75 

-0.38 


..67% 

+1% 

WaferettaU*. 

_36% 

+% 

WasMngt Post B 
Write Mgtatta, 

-219%W -1% 
..34% .... 

WriktoWriHsoc 

• 9% 

+% 

Wete Markets.... 

-24% 

_ 

walls Fargo_ 

.68% 

-1% 

Wendy's feu_ 

- 11% 

_ 

West N America. 

-3 JO 

.... 

Western Itasl _ 

.18% 

-% 

WattJhghouufB. 

-16% 


Westvaco- 

.35% 

♦% 

Wtyerftaesa-— 

.32% 

-% 

Whirlpool.. 

.37% 

... 

WDIUMA. 

.13% 

+% 

Willamette fed... 

.36% 

+1% 

Williams Cos — 

-31% 

-% 

WtaOWe Stans 

-46% 


Yrtaxaai«DttP*T_ 

-27% 

+% 

Woolwott/i. 

.26% 

-% 

WeriMaotoo fed. 

.23% 

+% 

Wrigfer (Wm) Jr _ 

-80 

+% 

Xerox- - 

-73 

+1% 

YdfewfntatSyst 

-25% 

+% 

ZenMfe Electron ks 

-7% 


Zero Co 

-11% 

j 

1 CANADA 0:00 pm) | 

1 July 24 

CtraS 

+ ra* 


-% 


491 


42% 


Naccolnts.. 

NakoChemical .... 
NashoaCorp. 

NationsBank....... 

Natl City Corp ■— 

Natl lotergrobp .... 
Natl Medical Ent... 
RadSewloiduaon _ 
Natl Service Ind .... 

Nat West Barit_ 

Navistar lot.. 

NBD Bancorp. 

Network Systems _ 
Keutrogeoa Corp.- 
New England Elec... 
MY State ElAGas .... 

NY Times A- 

Newmont Mining.. 
N lag Mohawk -... 

Nteortoc.. 

Nike 8. 

NL Industries. 

Nome Affiliates.... 

Nordstrom.. 

Norfolk Southern .. 

Northeast Util. 

NdwStatrPow _ 

Northrop.. 

Nonrest Coro. 

NovoindsADR_ 

NynaCorp.. 


Sara Lee Corp- 51% 

Scecorp_45% 

lP»o«^ -57% 
SclenUricjSaiita"! 24% 

SSSSBtar::i s 

Sea Comamers_21% 

Seagate Tech.15 

“ am..28% 

. iPower_ZZ% 

Sears Roebuck.38% 

SequaA.— 39% 

Sendee Cop Int... 16% 

Service Master_28 

Shared Metical .. .19% 

Shell Trans.. 52% 

Sherwto WtManB. 28% 

Shower's Ik..20% 

Sgma Aldrich-48 

Skyll&eCorp__ 15 

Smith taU_8% 

SmKJIoeBchmA — 85% 
SoKHnrBeta EgOu ._ 77% 

Saap-Ou-Tooh_30% 

Suom..40% 

Soooco Products — 44 

Sony Corp ADR.30% 

Southdown ..9% 

Southern Co-36% 

SadtolewEag'M — 32% 
Southwest Ahfias... 22% 
Southwestern Bell - 64% 

isaffi:::::::: 

Stand Brads Print 
Standard Prefects _ _ 
Stanley Works .....38% 
Storage Techno I — 36 
Stratus Computer.. 41% 

Sun Company.25% 

Scmdstrand 
Sun M 


-% 

3 


41 

4i% 


I 


~% 

44i‘ 


5 



Sun Ulcranstems. 28 
SunsMoe MWng... 1 

Suotnst--39% 

Syntax Corp ..32% 

Sysco Corp.24% 




ITJXCosHk-19% 


67% 


Occidental Pet. 

Ohio Edison. 

OlinCerp.. 

OmdmmGffMpiK _ 

Oneok Ik.. 

Oracle Systems .... 
Oryx Earegy Co .... 

Oshkosh 8 gab A_ 

Outboard Marine _ 

Overseas SWp_ 

Owens Coralog_ 


TRW HK..361. 

Tambrands.....— 65% 
Tawkm Computers „ 10% 

Taafe Corp-24% 

Tektronix.. 18 

Telecom Cora-—. 1 

Teledjme_18% 

TeimexADR.44% 

Temple Wand..... 47% 

Temeco_56% 

TesoroPet..4.87 

Texaco__63% 

Texas bwtnm wntt. 40% 

Texas utilities.41% 

Textron..—.. 38% 

Thlokol.. 14% 

TbomasA Betts.... 60% 

Tidewater_15% 

Time Warner.104% 

Tlmes-MIrrer.33% 

Timken.. 26% 

Torchmark.— 69% 


3 


3 


Tosco Cora...23% 

Tcta) PW* Am —7% 
Ton R Us 35% 


PHH Group.. 

PNC Financial. 

PPG Industries_ 


PSIHUgs.. 

ir Inc ■...... ■ i 


Paccar I 

Padfkflrp 
Pac Enterprises.... 
PacGasAPeei — 

Pac Telecom _ 

Pac Trieste.. 

PaineWebber.... 

paur „ „_ 

Eastern. 


Trausamertca —... 45% 
Traasco Energy ... 15 
Travelers Corp —- 22% 

Trltwne-41% 

Tri Cootinemal — 26% 

.‘23% 

I Triton Energy.. 30% 

) Late-32% 

r__ 437 

■ Foods-18% 


UAL Corp_ 

USGCorp_ 

USTlnc.. 

USX Marathon _ 
USX-t/S Steel ... 
Uo llerer NV — 


Drilling.... 
. Kaaoiflo.... 

Perm Central_ 

Penney UO _ 

PhsomI Pwr A U ... 

Peonzoll- 

People'* Energy ... 

PepsiCo ....... 

PaUnQmer. 

Petrie Suxa_ 

PHzre-- 

Phelps Dodge. 

PMIafel Else_ 

Philip Morris_ 

PMHfcsPtt . 

PhHHps-VanHsa . 
PfaMde West Cap- 
Pioneer HI Bred ... 

Pitney Bowes_ 

PfttSUX!.. 

Polaroid.. 

Policy Mot Sys — 

Potlatch Coro_ 

PouxnxEIPtrr ... 

Praxair.. 

Premier lodl ....... 


r::;; 


UBIoot_ 

Union EJeOrie ... 
Unkrn Pacific .... 

Unisys top. 

USA)R troop .... 

USFAGGorp. 

US Horae.. 



(Vulcan Materials 


Wachovia- 

WaJnocoOII.... 
Walgreen_ 


AMtlfal_15% 

AgaJco Eagle_6% 

Air Canada_5 

Alberta Energy .... 13% 
Alberta Nat Cra ... 12% 
Alcan Wmtanm — 23% 
Amer Barrick Res 34% 


BCE hx:_ 

— 46 

+% 

8ank of Monowd 

...47% 


Baok Nora Scotia 

— 22% 

-% 

BfflnbanUerB .. 

- 15%ri 


BOW Vallgy_ 

_ 10% 

.... 

BP Canada Bk- 

_12 

-% 

Snraalea. 

-.0.77 


BrascanA_17% 


BreakwaterRs ..- 0.46 

-0.01 

Brit caiaamta Tel 

— 20% 

— 

Bnucorlac_ 

..19% 

-% 

CAE fed- 

... 6% 



CT Financial 
Caaddor—. 

Carahridpt Shape 


18% _ 

.9% 


Can bap Bank... 
Can Occidental. 
Cut Pacific_ 

Can Tin A 


Cra Utilities A.... 

CaaFor- 

Central Cepttel... 

xOdeon... 
Cornloco ........... 

Goasoraos Pack .. 

Coscan Dev. 

CrownX.......... 

DeotaaMlaesA. 

Dofasco ....._ 

Dominion Textile 

DoreUr.. 

DoPoctCaoA.. 
Echo Bar Mtoa 
Emu 


. 15% 

.28% 4% 

.17% -% 

17% -% 

. 20 % 

28% 4% 


. 3.05 40.05 


. 22% -% 
130 40.10 


FPI Ltd_ 

FowSean Motets 

Galactic Res_ 

CeodtetodsA.—. 
Goff Canada Res. 
Hawker Sldd tor 
HeesInJ Baocara 
Kollloger toe ... 
Horsham Cora ■■ 
Hudson's Bay Co 
ffU5C9*~. 

Imperial Oil_ 

loco___ 

tat Mira Tedi 
toterprov Pipe .... 

Jaanodc_ 

XwHlddbH Hines. 

Laban .. 

LacMtoerals.. 
UhflnrTnraA 
La Maw Trans B 
Laurenttso ....... 

Lzwsra Harden A.. 

LoblawComp-. ■ 
MadeMffitaer- 
MaemHIan BhNdel 

Magna Inti A._ 

Maple LonfFds - 
Maritime r graph 
Meta H Mining” 
Mfaaova ....... 

MfMCorp- 

MobooCosA_ 

Moore Corp —— 
Nntl-BkCarmda... 
Natl Sra Products. 

Mama tad A_ 

Noraoda Mines.. 

Energy — 
Hurtbon Telecom 

Nova —.. 

tawseo Well Sere _ 
Kane QUA Gas.. 

PWACorpl—” 

Pagurian A- 

Pan Can Pet- 

Plata-Dome 



22f 

17% 

28% 

25% 

19% 


I 



««■ 

noyaJ^H 

Royal Tract Hi 
SLLamMeCUA 
Sceptre Res mi 

IScottsHosp 

Seagram_ 

Scan Canada tec 
S6e N Canada A ■ 


*OM 


i-mta -*i 

Eg. 3. 


Spar Aerospace 

StetarA_ 

T«* Corps- 

Thomson Cora_ 

Totorae Dom Bh. 
Total Pet NATO- 

TranuHa.. 

Trans Caa Pipe.. 

Trtmac_ 

TrfwcA- 

voiutf Domtofofl 

IhsWa_ 




INDICES 


NEW YORK 








DOW JONES Jin 

Jul 

Jul 

Jul 

1992 

Sinew compltalan 


23 

22 

21 

20 

HIGH 

LOW 

WGH 

LOW 

flntotritk 

3290.04 3277.61 330R4Z 3303.00 

34U21 

317241 

341321 

4122 





0/6) 

0/1) 

Uffrf92) 



I0L47 

10L35 

1CL44 

10U9 

101.47 

98.41 

10L47 

54.99 

Transport 

1269.74 1270J9 129177 128487 

(23/7) 

1467.68 

120/31 

1269.74 

23/7/92) 

1532JJ1 

imogu 





120/2) 

03/7) 

8/9/89) 

WP2 

lamties 

21783 

213.14 

218.20 

21889 

22SJ9 

200.74 

23623 

ID JO 





Oft! 

sv« 

C2/VK8 

OFV32I 





♦Oar's HW 3308.4103066® Uw 3255.45 U262.7S 

STANDARD AND POOR'S 







41288 

410.93 

413.7b 

413.75 

420.77 

394JO 

420.77 

4.40 

tatariah 

483J2 

451.91 

48561 

483-26 

(15/1) 

m 2 ? 

(8/ft 

470.91 

Q5/I/92) 

49927 

w 






(15/1) 

(8/4) 

05/1/92) 

aims 

Fnaodal 

35.94 

35.92 

3607 

3607 

36.65 

32.40 

3665 

864 





am 

OH) 

(W7/92) 

0/10/7-8 

KYSE Conwshe 

22666 

22603 

227.47 

227J1 

23185 

217.92 

23L85 

4.46 

fen MU. Mue 

38250 

30.17 

384J2 

384J2 

05/1) 

418.99 

(8/ft 

JMM 

05/1/92) 

428.99 


NASDAQ ConsosKt 

UOM 

5088 

56883 

SUBS 

02/2) 

644.92 

<26/61 

547.84 

02/2/92) 

644.92 

w* 





(12/2) 

06/61 

02/2/92) 

01/10/72) 


Jul T7 


Jul 10 


Jun 2B year ago (approx.) 


Dow MtotffU Dh. new 


XU 


X13 


3J4 


JM 


Jul 15 


Jul 6 


Jul 1 


year ago (approx.) 


SAP Infestrial fir, rWd . 
SAPtodl. P/E rate 

2J4 

28.95 

2JB 166 

28.45 2874 


2.96 

16.93 


NEW YORK ACTIVE STOCKS 

TRADING ACTIVITY 


niwwfey 

Btocta 

trscM 

Ctonlng Chongw 
prim on day 

f votumw 

Jut 23 

MlllfefW 
Jul 22 

Jut 2T 

too Srt 
Sritonna 
to Motors 

2.57L900 

2J2B.4QQ 

L223.8M 

34 

24% 

39 

• % 

+"% 

nw Yore SE 

Mb 

NASDAQ 

17W60 
18318 
164 JM 

191.421 

10.451 

U8JS0 

173800 

1M84 

I5SJ18 

QUwp 

Mreari# 

Compaq 

Fred 

wto 

0+g Epfe 
MMDto 

1193.000 

2.129J00 

L9ZL900 

1326JOO 

U04JM 

1.789,600 

1780.000 

ai% 

59 % 

28% 

44 

n 

39 % 

9 

» % 

• 1 % 

♦ % 

+ 1 % 

" "% 

NYSE 

tares Traded 

Msec 

Fills 

(tothMrt 
few Hi* 
few lows 

1293 

918 

763 

612 

58 

30 

2J96 

644 

L099 

593 

44 

30 

1297 

685 

848 

364 

57 

31 


OiH/HM 

TORONTO 


Jul 

23 


Jul 

22 


Jul 

2t 


Jul 

20 


1992 


HUH 


LOW 


Metals A Mlmrais 


3081JO 3126.11 314034 315961 323837 06/1) 
341220 341210 342121 345260 366fe00 06Al 


22826(8/4) 

331810(8/41 


MONTREAL fotlepo 174820 1799.75 180X04 1826.50 19373906/1) 172704 041 



Jul 

Ju) 

Jul 

Jul 

\ _ m _ 


24 

23 

22 

21 

HJQH 

LOW 

AUSTRALIA 

48 Matts O/Utt 
MWtavOniW) 







7163 

715J 

7114 

71&7 

726J0 Off) 

66030(2/11 

Airarmn 

OeBt Mure (36/12/84) 
ToM Mb 12/1/91) 

325.47 

TlUt 

33*36 

79436 

337J9 

80339 

342J& 

8U.9S 

eajoava 

1099 «(24TO 

32547 04/7) 
77L06 04/71 

in nnm 

BEUoanm 

113*26 

113939 

13635 

Id 

12S.0OW 

109733 «D 

DDHMK 

towhateaSEOfl/SR 

308.46 

30933 

308.92 

30937 

36529 asm 

308.46 (24/7) 

FINLAND 

tO Crenl 0802190 

696.7 

7063 

7148 

7143 

93598 Q4I8 

6*3004/71 

aCGrarai OU12/88 
aC 40 01/12/17) 

4»» 

173422 

47690 

173456 

*8153 

727.49 

40879 

176287 

5550020) 
2077*9 OHS 

4753 OD) 
73749122/7) 

OEHMANV 

F4Z AUre 01/12H8 
Otaantok ajUfSS) 

woaium 

639.94 

180720 

1610.42 

MBA 

1833.40 

162337 

649J4 

183480 

IMW 

65632 

185450 

1659.77 

72526 060 
20OJ0QW 

imsosrs 

63194 09/7) 
180730 04/7) 
1578.7300/7) 

HONQ KQWQ 
fern SmU 01/7/64) 

5772.76 

591736 

k) 

601144 

61625306/7) 

43HL78Q/U 

IRELAND 

iSEQeinlWlAa) 

126718 

127636 

127983 

127144 

1469J707/1) 

126733(9/7) 

ITALY 

Bara Cm. Rri. tW72J 
MSfiBMBOAO 

(0636 

782 

40807 

HEU) 

409.76 

asu 

41171 

8P7J 

55LWIWD 

10868000 

4063604/7] 

797JO 04/7) 

JAPAN 

SUd 04/5/99) 
TtanSElTcpWWWW) 
MStctlB Idfl/M 

15497.79 18039.9* 
12042 1227JZ 
177136 1782.92 

1BC95 1680281 
120535 122938 
1745.70 182233 

238013816/D 
1763.43 Urt) 
24U5M/D 

15497J9 DVD 
1M639W 
17715604/7) 

MALAYSIA 

UffCaapertrWW 

59U7 

60234 

60U9 

68536 

U9U0D/8 

54U304/D 

BTMAUUni 

C85 TO JojCoUEri 1983) 
CBS 411 Shr (EM 1989 

2873 

196.4 

2891 

197J 

2898 

M7A 

2123 

1996 

314.10 (Ml 

21550 an 

27450 00) 
192.40 S/D 

NORWAY 

OdoSEUQflAS 

65810 

654J6 

649JO 

65756 

772.74 Q8S 

64334 (20/71 

HttWIKI 

Urala Gsap (2/1/S9 

146339 

147036 

M5J39 

1*064 

1S80.9SO1W 

voatots 

SRHUPOU 

5ES M-5ta*»N 0/4/73 

38LS8 

38752 

391371 

38956 

416.99 O/U 

37013 rw 

SOUTH AFRICA 

jsemq vm 

JSC Uttfeli U8W78I 

112209 

41)001 

UJ9J 

41609 

Till ft 

0568 

U21D 

42136 

13Z7J0QVS 

4 mnm 

100600 QV0 
4130.00 040) 

•OtlTH KOREA** 

Kata Cm* El (4/1/60) 

521-99 

51853 

52800 

SUM 

69L4BK2 

MSJOQVn 

SPAM 

mMszoynm 

21324 

21403 

21610 

22856 

2M5K28/8 

21124 01/7) 

mow 

AftwwBtounw) 

SH JO 

839.40 

85LS 

86050 

lOMJOUld 

834.70 34/7) 

MII4UUUO 

Snta 8ak bd (31/12/38) 
SBC Srittai U/4/87) 

N48 

407.9 

Mb 
60U 

7997 

6073 

81L4 

61U 

883.4001/5) 
60230 US 

N850O/1) 

UUOO/D 

TAIWAN" 

Wtafed Prke OOftftW 

402236 

391887 

4)5480 

415952 

B9L630em 

3975*7 03/7) 

thauno 

BMftSra/WS 

74436 

753.92 

757.96 

75425 

83239 OW 

66741099 

WORLD 

ns, creed um/i/7as 

482T 

4373 

485.9 

491 2 

54210(7/1) 

*6750 <8741 

£MTM-iaxaw« 

84BJ4 

£45.15 

845.70 

83932 


84134 04/77 


Base vaJuaof all Indices an U» 

Tortxiw Composite and Meuls 

S3, f ExduflHig hoods.: Industrial, 
Unavailable. 


-Set wfe y 

|SuMtaio 


plft 


l ffcatodaUae. 


It 1500 GMT. 


teevferaeraH inoos MUOeoscfesirtaTraded. B02g,.HEXfa% HlSCaL. EnTdg-UOi SEQDfeail 
Sd« - SeM - 2R7. J5E26 hdMMMS-SQ m AtanlM AD Ordkray fed MWng-aoit.M 


AUSTRIA 


FRANCE IcanUmred) 


GSUMJUCf (canthwod) 


WgngRLAKBStomtbwwd) 


SWCCPt UtxdtouwO 


JMy24 


Scb 


+ nr- 


Aastrlnn Affflno _ 
Creditanstalt Pf... 

EAGentnl.. 

EVN 

Hmobunzlaner...., 

OeMv..“_ 

PertanwerZonent 
Radra HeraMith 

KflllllMIlILl Bmt, 

Steyr rainier. 

Vefaber Magneslt, 
V ptmnd (6r) A .... 
Wienertwger >aNI , 
ZHjcodcreata... 


...1, 


-60 

_ -6 

Z840M -UO 
.TJS 48 
. 16.020M-30 
.657 - -16 

:W 


-23 
. 1,260 .... 
.147 -10 

. 278«S -5 

.410 -3 

.*770 -330 
,1,035 -6 


BELGIUM/LUXEMBOURG 


My 24 


Fra 4-nr- 


ACEC-UPfen Min ..2,240 -ID 

AG Group-- 1.735 -20 

Mid-3.750 -80 

Safe tala Lux!!!! 11,500 
Bane Gc« lax Pis.-.1X425 „ 

Barca-1.170 +2 

Bdoert,-11850 -75 

CSRDraent_1^20 -80 

CMB-2,100 -5 

^RAsrzzig® * 
- 30 

^sssaf wi-.as % 

Hertraftoa ACT ._2,400 -15 

GBL..3.040 H5S 

GBLAFV1.X973 -25 

GIB Group-MZfl -6 

GIB G ro up AFV_1^574 -8 

Genera6,400 -40 

G«BannotAFVl ..6,270 -40 

Gevaert-6^30 __ 

GLaverbri..3,905 425 

Krediettnrdc_4.660 420 

KracHctbank AfV .. 4605 
Pan Hoidlag Lnr .. UL5O0 __ 

Petroflna_10,775 _ 

P ow c ifln_..... 2 J. 0 O 430 

Powerffc AFV ..... 2.050 .... 

nahr=:« 

SoeGer Beige ....1.965 .... 

SkGh BdgeAFV _ 1.940 riO 
Soffra-10,900 425 


Sohmy-1 1,92 5 -200 

Tesscnderio - b,290 -40 

Trsctebri.. 7,710 -40 

Tractebd AFV l... 7,690 ... 

UC8_2b,125 


DENMiUttC 

My 29 

Kr 

+ or- 

BriUaHoUoifef 
BBcubcn ,~Z■ 

...970 

236 

+5 


-281 

-ft 

D/S 1912 A. 

Dnoteeo___ 

-88J00 

-719 

-500 

+B 


0« Daoskt Brat, 

East AslaUc. 

FlSIndB_ 

Great Nordic._ 
Hafnia HkteA.. 
Hafnla HhfeB. 
tSS loti Sere B.. 
Jysfce Bank Red , 
UurttaenCns. 

N XT A/S. 

NovoNdrdB 


40 JO 
43 


-1.67 




,257 
.126 
.640 
.332 
.130 
.98 • .„ 

.974JO -20 JO 
.294 

.514 


TopOanmarlt ... 
UrudaamaritA. 


750 

168 


-Z 
*10 
-6 


FINLAND 


My 29 

Mta ♦ er- 



Tampctla Free. 
IMiasBkCFne 


FRANCE 


My 24 


Fra 


+ «r- 


AGF_ 

Accor.. 

AlrUnlde_ 

AlaWAtetbom., 

Auxll Enirepr. 

Axa. 


SIC ... 


BSN... 

BNP Cert lav 
MKaJreae 
Boagrain 


£T“.: 


tornH-. ^_ 

Cap Gem WS 


416.80M42J0 
644 -3 

731 48 

605 -3 

§L $ 

1.043 -2 ' 
326.10 40JO 
328 -4 

If 3 S! 

1.019 -U 
1,156 * 

Aa jo -3 jo 


Jaty 24 


Fra 


♦ Of — 


Camawfoieuibox 

Carrefoor__ 

Castao ... 

Cetrietn .. 

Cbargeurj...— 
OsbMedKerranee. 
Goglfl... 

&r. 


CCF_ 

CrFoncFrwee 


Cred LyonICD_ 

liNaUonaie.. 


Credit' 

Bamret .......... 

Docks* France.., 
DoUhsMIegCte.. 
EW a. 


, 169 ja 
2J06 
.137 
. 711 
. 1.118x1 
430.60 
.282 
615 
.166.40 
736 
505 
856 


-0J0 

-u 

41 

-a 

4-16 

-3.40 


+230 


«r 


EaaxCieGeM_ 

E«9 

Eff-Agnl table ..... 
ElMeutainr Certs 
Ertamia B-Say ... 
EridtaiWaja - 

Easlkrtol..... 

Elex 


317.00 

84011 




Eorafrance__ 

EaroRSCG- 

£ore Disney- 

Flnratel...._ 

FooeLrereutee..., 

From Cet Aov_ 

GTM-Eetrepme... 
Gal. Lafayette ... 
CaareoattSocN). 

Mr— 

Karas __ 

(metal ... 

tom* France — 

__ 

tounob Phenlx_ 

interball_ 

Interiechnique- 

LVMH_ 

Lafarge Coppee _ 
L'Oreni..— 

Bfc= 


333.80 

22890 

565M 

472M 

390.10 

1,980 


-5 

-16 

450 

42-10 

+10.90 

-14 

449 

-6 

46JD 
47JD 
-7 


-3.90 

430 


_ -5 

96J3 -US 
98 ._ 

552a) -17 
-40 

.60 +2J0 


-Z0QQ +80 


670M +15 

111-80 46J0 
455 -4X50 

306-50 -UO 
701 -44 

591 .... 

110.40MvO.40 
388.90 -Ufl 
670 -5 

3,437 -5 


Mcrttn-Gcrto_ 

MIcheflnB__ 

Mouttoux __ 

NarigaUooMIxtc . 
NordEtt_ 


XT 

903 „ 

4,255 +1 
332 -520 

495J0 +i 
183 -0.40 

447 45 

200 -2 
128 JO -UO 


Oswn _ 
Paribas. 


Paris Reescompta 

Pernod Heard_ 

P eugeot _ 

Pinanlt .—. 

PoOei 


PrmempsUu).... 

Prtwwdes_ 

RaSotedm_ 

Redoate__ 

Rhone Poelenc CM _ 
Rotatei-Udaf _... 

sue.... 


110 
174 - 
300 
234 
374.60 
667 
35QM 
515 
715 
651 
460 


-3.40 


445 


-10JO 

42 

43J0 

-X 

-19 

+1-30 

-90 

a* 


SaKtOobaln_ 

Sata Louis ___ 

Saeoft_ 


^Sg= 

Snxo _ 

SMsRossteaol 


2,140 -5 

523 42 

1,093 -29 

989 414 

552 -5 

¥2 -if 


fSSSSSt 


Talttloger___ 

ThsrasooCSF_ 

Total B_ 

UF8Loa*5T!I^ 

u mtaa _ 

Union launch Fr... 

Valeo__ 

Valtoorec.. 

Worms Oe—. 


625 

438.70 -4JO 
1310 -35 
262 -6.90 

254 -3.70 

S3S4S 

227.60 -2.70 
4Q3 • -5.40 

228J0 +1 JO 
399 -4 

402.50 -LAO 
742 +12 

150M -3JB 
27L80 -3.10 


GERMANY 


Jtfe*4 


m 


fed AVer* _ 
Aachen lick dkg). 

AlUaczAG_ 

AiUralod -- 

Asko__ 

SgK=z 

Badeoweric 


Bra. +nr- 
.. 173J0 -UO 




Deckel 

jSaa 

OentsdwBaMi - 
DMer-Werte... 


My 24 


♦ nr- 


Doagfe* HUg _... 

Dr a gpww k __ 

Dresdner Bk. 

Ccrmhcimer.r_. 
GoMsefenMtnW 
Efekt — 


HarabtnEKkt—i 


HeflkMPrf. 

HerllU- 

Hochtief_ 


Hoescb__ 

KotzuomPli ... 

Horten.. 

IKB Deutsche tod.. 
Industrie Wcrke .- 

KMI&SalE.— 

Kireodt- 

Kaufbof_ 

KHO .—. 

KtachnerWcrta... 

Ubneycr 

Leifhett—- 

Unde — 
Uno^rpc-Hell — 
Lnftlwsa 


_ 540 -5 

-312 43 

-32* -1 

.. 209M -6 . 

..910 -25 

.. 274JO -11 
..865 

-175 -9 

500 _ 

,.837M 46J0 

..590 -3 

.253 -2 

.. 2.016M -4 
. 2fe5L50 -3.90 
228JO +3-50 




Lufthansa e/vf+l._ 

MAN.. 

MANPrtf- 


..244 -1 

281 -Z 
129JO -2J0 
584JM-7.70 
478M -9 
HI -UO 
10UO -UO 
710 45 

443 -6 

753 

370 +5 

111 JO -2 


Manriwi m Vers. 

KM... 


Meultaureisctaft 

HraSfcSaSr- 


PWA. 


FMIfes Xorarnun ... 
Porsche-.., 


_(Berlin - 

RhelomeuUPrf— 

Rhein Wea El_ 

RMnWrilSM — 



Jnff 24 


FBL 


♦ Or - 



VEW 


v3owagi"l" 


___Prf 

WeltoPrf_ 

Zanders Fetaap 


372.70 -1-40 
212 -0.5 0 

315 -3 

371 -3-20 

348M -5 30 
296 -1 

641 -4 . 

220 +2 


ITALY 


MY 24 


-98 
-U 

_ 445 

99 -1 

10,455 455 
.792 -53 
425 -67 



NEnSOLAmS 


My 24 


Fte. 


ABHMeMfeg- 

81HM Dm feet. 



-135.90 -tio 


AMEVSroRMX-. 
BsfaLatasDnBn. - 

BocitaiiwaDjta- 

SBeMaraTQDNkS .- 

CSMDepfea. 

OAF....-.. 

OStf 

OorAscbrFKr -- 
EbwierDfpfees-. 
FatterD cfR ea 

Gamma......—. 

OS Brae Dm Ben — 

Heinekcn-— 

Hoilnd Beta* 
Mta P Mfe flMjjW— 
Hooter Douglas .... 
IHCCaliwd-— 
MMdW0*ta _ 

feU Mueller- 

KLM--- 

JOIIP.__ 

Koto Ffetoed Date.. 
KampBi—— ... 

Broiler Bed Op fes— 

OceVGrta.. 

PtiillU __ 

PolyGram-. 

Rebecs- 

Rodames- 

RoTtaco - 

Roreoto-- 

M Bod Vita D*_ 

Royal Ckrich- 

SlZfk NV ...... 

Banner Deg feo — 

VNU-- 

yaOnoroafefes — 
wessaaaiDmBn— 
WataWfeplw— 


53 40 
44 

.56.10 
4L70 
.92.30 
.18.40 
.9940 
.134 
. 106 
.28.60 
109JO 

35.10 
I65JO 

, 204 

43.90 
U 

46.80 

32.20 
4U0 
39 JO 
8J0 

44.90 
100 
135 

62.90 
25; 90 
4690 
8960 

43.60 

*L80 
7420 
20 JO 
144 30 

40.10 
130 

79.90 
3520 

88.60 

73.90 


-OJO 

-020 

-020 

-OJ.O 


-a io 
-140 
^JO 
-0.40 
-0.90 
-a 50 


-L70 
+0 20 


40.20 

-2 

4030 

-1 

-ft 50 
-030 
-190 
-1 

-3 JO 
+030 
- 0.10 
-0.4Q 
-0.60 
-030 
-OJO 
40-10 
40.40 
-L2D 


-0.70 

- 1.10 

- 0.10 

-OJO 

-020 


NORWAY 


My 29 

Kroner +*r- 


Aker A Free.— 

Beraesen A .. 

Oca mask Bk Free... 

iSfei:::: 

HjfctoMgjeAfitt— 
Kvaeraer Free— 
Lrif Koegb- 

Norsk Data A 

Norsk Hydra.— 
Norte Skt* A Free . 

Orkla Free...._ 

Saga PnA Free 
Saga Pet B Fite 

_ 8 _ 

UreStMriraM Frre 
Unitor .......— 

Vard- 


+L50 


.89 
U 

.113 43 

.72 

.. 165 +1 

_ 157 -1 

_ 62-50 40JO 

_ 2.50 


_ 149 
-. 100 
„ 141 
... 70 
.71 
_ 135 
_ 97 
-30 
.60 
.54 


+0.50 

44 


SHUN 


My 24 


Pts. +nr- 


Alba (Corp Fim. 





. XbOQ* +U0 
-840 +16 

. 1.040M +35 
. 2 J10M +10 
*,005 

9;080 —190 
3700 -95 

2.120 +40 

2J50 -5 

SS 33° 

IJ30 -20 
1J65 420 

3200 -UO 
6iS6 +11 
870 +19 

18* t 

3370 -30 

1158 +w0 

7.200 +40 

£ 

470 +26 

496 +6 

4.700M +110 
1JJ35 -5 


— Sm2 - 

VUlMwmoso .... 
Vhcofaa 



WOg 


My 24 

Knrar +or- 


AAA B Free- 

AmAFrta: 
AsekBFree . 

ttlARW,...,; 

**** ® F ?B~T Z82 -1 

B Fr«209 -4 

BFrae117 -1 

BFrra_122 -2 

_i B Free240 -2 

IncentiveBFree.,- I 

Investor A Fret. 

HeOdiDewBFnr_ 



* 


My 24 


Kroner +fe- 


360 

89 


+1 

-Z 

M>JO 
-J 
+1 


ware Fret.--If. 

PnoxdtaBFrtt ■- w* 

SXF A Free: - WO 

SKFBrrM.98 

SaafeikznSFrte 
Sicandb Free... - - 
SkwErukiMaC. 26» 

Sn»» KaopB .255 -1 

TiraTehoffl 8 Free ■ 91 50 «J0 
VofvaBFree.329 1 


— 10 


m 


SWTTZE8LANO 


July 24 


Fra 


AdLa(Pt9CBJ — 
AdUlolKBrl - 
AlmuissHJtf Br 
Alos>tee-Lre Reg 
Sahrtse(PtgCu) 
Bream Broerl IBfi 
Brows BororiPtg. 
CSHIdgslSrl .. 
ObaGMgvCBri ■ 
CfeGeigyiPtCtsl 
Ota Get® «S9I 
EHfctrawatt (Br) . 

Elfia(Reg)- 

EfflalPtgCld- 

Frscfice Geo (Sri .... 
FacnerlPtgCtsf - 

Forboiflr). 

Holderbank (Bri .... 
Hovte Kola (Reg) .. 

JrimoiilBri . 

JrinwJKFigCtsa. 

LararsAGPnsrPtg -- 
LancfisAGfr (Reg/ 
LeuKoM(Br)^. . 

M ag G kfe nPtgQs- 

MUtran (SegJ . .. 
Motor-Col am C8r) — 
NtSUrtBrl . 

S^aissr: 

Pargesa Hid iBr)... 
PMrmaVfeoafSri..... 
Pirelli (Br) . 
Richemont A (Br) .. 

Roche (Br!- 

RochelGeons). ... 

SMHIRM).- 

SandoxlBrl . 

Santku (Ptg Ctsi . 

Saudot (Rra). 

Schifldfer(Br) .-. 
SdUmUtrOngCtt) 

SitailegA. 

Surveillance (Br) 
Snrlssalr (Bri . .... 
Swill Bank (Br) • .. 
Swtes Bank (Reg)-.. 
Swiss BaaV PlgCo.. 
Swire Reins (Br).... 
S»in Rena (Ptg) ... 

Swire VMksbk. 

Uoftm Bank (Br) ... 
Winterthur (Br).. 
Winterthur (Ptg).. 
Zorich hu(Brl 
Zorich Ins IPtg). 


30 25 
201 
.424 
409 
1.790 

3.770 
- 740 
.. 1.705 
.631 
.625 
..637 
. 2 190 
1.910 

1.500 
1.050 
210 

1.960 
500 

.450 

1.270 

284 

8» 

910 

290 

525 

230 

790 

9.250 

9.200 

360 

1.050 

2.Z10 

247 
12.050 

4.960 
3.190 
1.215 
2.820 
2.720 
2,810 

3.500 
blO 
810 
1370 
595 

248 
238 
23b 
2.350 
469 
835 

684 

2.880 

540 

1.835 

692 


-023 

+1 

+1 


+20 

-20 

-10 


-7 

-2 

-6 


+10 

+2 

-40 

-2 


+1 


-60 

-io© 


+10 

420 

-20 

+10 


+10 

*5 

*3 


+20 

+12 

+5 

+10 


SOUTH AFRICA 


July 24 


RwM ♦ nr - 


ABSA. 

AFO . 

Allied Tech .. 

Anglo Am CoaL.... 
Anglo Am Corp .... 
Anglo Am Gold .... 

Angloraai N. 

Barlow Rand_ 

Buffets.. 

CAA Gallo. 

DeBeen/CenUnary. 
Oeeffcraal Gold .... 

Dricftntebr. 

East Rand Gold... 
ElanferaodGoM.. 

Engoi -.- 

First Nat Bank .... 
Free Sutr Cam GeU ... 

Geocor . 

Gold FleifeSA.,.. 

Harubrest. 

IdSuel 


Kinross Gold. 

Kioaf Gold. 

UbanooGoW. 

Liberty Ufe SA.... 

Malhokl. 

Nedeov . 

0 K Bazaars. 

PaUbora Mng. 

Premier Gp. 

Remb ra ndt Gqt.... 
Rembrandt Cotri.. 

Rust Plat .. 

SntarolmGfende . 

S*9eHWs. 

Smith (CG) Ltd .... 

SA Brewers-- 

SA Mao Amcor.... 
Tiger Ones 

Toogaat Halett- 

VaalHrefs. 

Western Deep....... 


.8.40 
.725 
.122 
.100 
. 114.75 
.210 
.73 50 
30.30 
.24 50 
,2175 
.76.25 
5.80 
.43.50 
.4.40 
. 18 JO 
.41 
.57.25 

33.75 
. Li 20 

71 JO 
. 13.75 
12 
1.15 
31.25 

28.75 

2.50 

42.50 
31 

1610 

7.75 
82 

40 SOM 
23.65 


-015 


-0.25 

-2 

-0 50 
-0 75 


-2.25 
-1.25 
- 0.10 
-0 50 


-0.25 


-OJS 
-0 75 
- 0.10 
-0.50 
-0.50 
-1.75 


+125 

-0.50 


-0.50 




92 

10.50 
113 
51.75 
34 
40 
16M 
182 

82.50 


■*0.05 
+0.10 
+0 25 


—l 

-0.25 
-0.75 
+0.90 
-3 75 


-1 


JAPAN 


My 24 


upmaeto..^ .. JJ40 -40 

Afcebono BrMm lni_. *& +10 

AUNtaenAhwMS—.?25 -22 


,965 

.976 




Anrltu _840 +20 

Arid Coro-396 -17 

Arabia) Od Co Ltd — <470 -110 

AsaM Breweries 9*3 -27 

AsahJCbemkal — 588 -26 

Auhi Glare .......... 954 -56 

feahl Optical.368 -M3 

Aries Cora-410 -28 

Atsugi Nylon_540 +8 

Pham_875 


1,090 -io 
3to -22 


Club_363 -8 

CSX..2,220 -40 

Caipfa Food __L250 -10 

Calsoolc..385 -4 

Canon .. 1.260 -io 

Canon Sales..-2,010 -10 

Casio Computer ... 1.030 -30 

Central Finance — 281 +3 

Centra) Glass_385 +3 

Chiba Bank_840 +5 

CMyoda Cora_1.610 -70 

OHjofeFhstM_508 -27 

OretaBPwr....... 2,420 +40 

QwgalPharui __%1S0 -30 

OugskvOPoew2,130 +40 

OUren Watch - Sl7 -44 

Dalai Chemical.-. 538 -2 

DaMo Steel-398 -7 

Oatatac-840 

OMfeku ..- 1JOO +20 

Dal khi Xan9« Bk __ 1.190 -70 


DHIMUPtarvn_L620 - 

..-. no -ZD 


Otifttatafe._ . 

Datfcyoluc-_621 

Dalmanitae_490 -20 

Dai Nippon Ink — 420 -14 

Dai »apoiPirewac_ 1,110 -50 

Da) mppoi PrIM —. %270 -70 
Da) Nippon Toryu —343 


Datebmro Paper2,760 -90 
DM Tokyo FGM -649 +1 

DahxaEaok_730 


Mr 24 


Yra + nr- I Mr 84 


SBBte 


-60 



-O 


-15 


KataMita- 

KiT- 

Kanrowuotop 
Kauai El Pta«r 

Kanai Paint. 

Kao Corp-.... 

_ferny W- 

Kawasaki Kteen.. 
Kawasaki Steel _. 
IMkElsEipreB- 
Krio Trito D Ihr _ 
Kltdumro 
Kfeden_ 

SM HSZz 

Kobe Steel- 

KoHoMaof _ 

Kokual Electric.. 

Komatsu.. 

KoMca--- 

' ~ Co 


=IP: 



DalwaSec 7^ 1? 

SSfeSBz:^ 0 ? 

Down Mining Co _ 590 -8 

Bara Cor?.. U60 -70 

emu ciia~.7.~~ +S 

FudoCo retm atatl ^5° 

Full Bank.. L270 

FuJiEJearic_ 917 

iFTIm..2J40 

_ Fire A Marias_ 640 

Fall Heavy IM358 

FujISgtaatog_445 

FaJItera.. 493 

FonsawaPharm ...912 ' 

FurakraraOut —386 

... ...74J 

CenSekbti...890 

GodoSbmri_„.692 

Creeo Crare. 953 

Gu»-£J CBtertc*! .405 

goeegaluinooauaae 600 


-5 

-90 

-12 

-50 

415 

-15 


-87 

-09 


417 


-33 

aXrS t 

Haseko_311 +10 

HatloriSefto.LOW -40 

HmaKtanJ_ f* -IS 

HefwiNulEtt 606 -82 

Hloo Motors_560 -M 

Hlro*Electric-...3.400 -M 
Hiroshima (Bask) .615 -18 

Hitachi..745 -5 

Hitachi Cab*_395 -10 

KHaett Credit_ U2Q — 

Hitachi Koto.. go ■ -8 

HHadtl Maxell_1J50 450 

Hiucftl Meiah_790 ' >4 

Hitachi Bales_466 4* 

Hitachi Zoren __ 490. -IS 

MbMaBatPwr,*. 2jU0 +«? 


Hokkaido Trimsh 


-22 


Hokurlta El Pwr .. 2,200 .-90 

Hoeda Motor _ 1,190 -40 

Kdrata Paper _405 -22 


Hook Food fed 2JU0 -20 
Hoys Core—.L340 -10 

ItoioeSitai-:::: S £ 

at 22 tB-.iL 

UfeK8MkJigM„1.650 410 
hekl4Co...zT-.n9 -16 

Isstan__1,530 -Z0 

MiDtanSangya.—3^5 -9 

tafeMetasT.. M ..2U -7^ 

Itoftam Foods_851 49 

Heose&Co_285 -85 

KoYokado_3.960 *iO 

hvateu Dec _ ,_.347 +13 

lamha -2.480 ._ 

JEOI_639 -3 

JGCCore.2.020 

JwwSraidltak—ZM -8 

JAL 660 -44 

tapM—akAOuw — 509 -05 


Lion Corp_ 

Long Trees Credit.. 


41 


MSfeoM^ltogT.: 

KJJSS^.11 

MmdaTFood 

Manii... 

Manichl Steel __ 
H’rirtU EJ Ind .... 

M shKaEi Wk_ 

M-toluKoCo _ 

M thru Refrig_ 

Maari Motor Cory— 

MeHlMIBc __ 

IMilStOa _ 

MerelanCoro_ 

SB frza-tB* 

M Inoita Camrea - B4 


.873 -17 

.578 -22 

. 1.740 -30 
.36s 41 

.870 

L000 -80 
L290 -60 

9*W° ""7° 
U00 -30 

3ft -12 

427 -13 

922 -10 


612 -43 

-10 


M l ll 

trbbM Estate_ 

NTMtaGuCtoN.... 
M'Nfld Heavy fed.„ 
M-bteM KasM_ 



W'hJjfUl 

M-Mihl Rayon.__ 

MTSshl Steel_■ 

llThtehtTrAHTJ 
■'htsmYaretaare 
MltatasWBMUagl 
MhsMCo.:_j 


IHHFuStaU 


MRsfe_ 

Mitsui Marine_ 

5SSSS- 

MIoM Peichetr 

Mitsui Soto__ 

MHstiTtatW ..... 
MitStC Tr&Bk ... 

Mtadcoshl_ 

MlttumJEJfc. 


MMMrw Worts ^ 

Mbwo Sporting— 

MocWdaPtarm_ 


SSS5t u, “::' 

MnnuManfact. 


445 -U 
749 -4 

421 ^ 

S ' -43 
-16 

401 -9 

7bO -ZB 
461 -8b 

60 -34 

405 +Z3 

327 -Ji 
568 -41 

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FINANCIAL TIMES WEEKEND JULY 25/JULY 26 199 2 


WORLD STOCK MARKETS 


AMERICA 


ignores good orders data 


Wall Street 


QS stock markets were on the 
way to ending a difficult week 
on a- negative note yesterday, 
with share prices' lower at mid¬ 
session in spite of some posi¬ 
tive economic news, writes Pat¬ 
rick Barverson m Mao York. 

By .1 pm the-. Dow Jones 
Industrial Average was down 
4.33 at 3,285.71: The more 
broadly based Stan¬ 
dard & Poor's 500 was also 
lower at the halfway mark, 
down 125 at 410.83, while the 
Ames composite was 0.42 lower 
at 382.08 and the Nasdaq com¬ 
posite 1.20 lower at 564.04. 
Turnover on the . NYSE was 
98m shares by 1 pm: 

Overnight losses on foreign 
markets, notably Tokyo and 
London, set the tone for a 
downbeat opening in New 

EUROPE 


York. Concern' that the US 
might have to lead the UN in 
military action against Iraq 
added to the market's gloom. 

The only bright spot on the 
horizon-was the morning’s 
announcement from the Com¬ 
merce department .that-factory 
orders for durable, goods rose 
by 22 per cent in June, a big¬ 
ger than expected increase. 

On their own, however, the 
durable goods figures (which 
some analysts believe volatile 
and unreliable as -economic 
indicators) were' unable to give 
the market much of a boost, 
and share prices struggled to 
make, any gains amid quiet 
trading. 

Among individual stocks, 
profit-taking was the order of 
the day-in the-banks sector, 
despite the strong performance 
registered by most of the coun¬ 
try's banks in the second quar¬ 


ter. Chemical, which said yes¬ 
terday that it was on target to 
reduce - payrolls by 6200 over 
the unrning year, did best, eas¬ 
ing only S'A to 533%. 

In contrast, Citicorp dripped 
$% to 519%, Chase Manhattan 
fell JV. to 524%, BankAmerica 
lost $% to $44 and Wells Fargo 
gave up-$l% at 568%. 

Frank B Ball plunged 51% to 
53 after the company agreed to 
sell much of its operating 
assets to Aon for 5475m in cash 
and stock. The news left Aon 
52 lower 546%. . 

Great Lakes Chemical firmed 
$% to 561% after the company 
said its Octal Associates sub¬ 
sidiary was Implementing price 
increases on its line of alkyl- 
based fuel additives. 

W R Grace tinned 5% to 
535% after Salomon Brothers, 
the Wall Street securities 
house, raised its rating of the 


stock from a "hold" to a “buy" 
and predicted that the shares 
would benefit from the recov¬ 
ery in quarterly earnings from 
a disappointing opening three 
months. 

McDonald’s rose $1% to 
$43% in heavy trading as bar¬ 
gain buyers moved into the 
stock after Thursday's earn- 
ings-inspired losses. 

Canada 

TORONTO was weaker at mid¬ 
session on some disappointing 
corporate news. The TSE 300 
index was off 13.7 at 3298.6. 
Declines led advances 228 to 
173 in volume of 13.4m shares 
valued at C$U8.4m. 

Active stocks included Royal 
Trustee down C$% at C$5%, 
Cameco off C$% at C$16 and 
SNC Group down CS% at 
CS10%. 


Bourses fail to rebuild confidence 


BOURSES failed to regain any 
confidence at the end of a trou¬ 
bled week, writes Our Markets 
Staff. _ 

FRANKFURT took comfort 
from lower July inflation fig¬ 
ures before being led down by 
the futures and options mar- 
ket. 

^ The DAX, which briefly 
advanced to 1,625, closed down 
12.95 at 1,610.42, the lowest 
level since January and down 
5.4 per cent on the week. At 
midsession the FAZ was 8B2 
lower at 639.94 while turnover 
fell to DM4 Jbn from DM6.1bn. 

BASF fell to DM211 before to 
closing down DM3.8 at 
DM216.6, following an analysts 
meeting at which the company 
gave a disappointing forecast 
for 1992 earnings Other chemi¬ 
cal stocks were also weaker 
with Hoechst losing DM3.9 to 
DM225.5. Elsewhere, Daimler 
shed DM5 to DM698 and Deut¬ 
sche Bank lost DM7 to 
DM642.50. 

PARIS endured another vola¬ 
tile day before dosing practi¬ 
cally unr-hang ari at the end of 
the July trading account The 
CAC-40 index ended 0.06 higher 
at 1,734.62 in turnover of just 
under FFr2.4bn. 

The insurer Axa rose FFr28 


_ . FT-Sg Kurotracfc lOO • Jul 24 _ 

Hourly changes 

Op«a- toJOam 11 am 12 pm 1 pm 2 pm -2 pm cIom 
1057.16 1Q5&54 105520 .105433 1050.36 1050.54 105220 105253 


Day's High 1057.60 Day's Low 104826 


Jul 23~ J 
1059.53 ' 1( 

Bvrtn wo (janwBQ.' 


Jul 21 
1075.64 


Jul 20 
1064,04 


Jul 17 
1097.57 


or 3.7 per cent to FFr782 after 
saying that the provisions that 
its US subsidiary Equitable 
Life Assurance Society bad 
made. Against its investment 
portfolio .were adequate. 

Dealers detected some 
switching out -of Total, down 
FFr2.70 to FFr227.60; into Elf, 
up FFr6. 70 to FFr33820. BSN 
eased fell FFr2 to FFr1,043 as 
first half sales came in linp 
with expectations. Among 
smaller stocks, Hachette 
gained FFr6.8 or 6^ per cent to 
FFrlU_8 in light volume. 

MILAN dosed lower as a 
half-hearted attempt to stage a 
recovery was overwhelmed by 
continued selling pressure. The 
Comit Index fell L 71 to 40626, 
down 72 per cent on the week; 
in turnover estimated at near 
Thursday’s L992bn. 

Fiat, dosed L25 higher at 
L4.555 but news that the man¬ 


aging director of Flat Ferrovi- 
aria Savigliano, its roiling 
stock subsidiary, had been 
arrested in connection with the 
Milan bribery scandal later 
knocked L100 off the share. 

Ifi, the Agnelli family’s bold¬ 
ing company, rose L270 to 
L9230 In response to Thurs-' 
day's earnings report, but then 
fell b ack to L9.650. 

AMSTERDAM awaited news 
of talks between the Dutch 
government and Dasa on the 
German group's purchase of a 
majority stake in Fokker. After 
tiie close the government 
announced that the takeover 
would go ahead. Fokker ended 
down 90 cents at F12&60. The 
CBS Tendency Index was off 
02 at 1152, for a 3.1 per cent 
fell on the week. 

One of the day’s biggest los¬ 
ers was retailer KBB which 
declined FI 620, or 82 per cent 


to FI 6420 after forecasting 
weaker first half earnings. 

VIENNA continued its down¬ 
ward trend with the 18-share 
ATX index falling 23.3 to 
771.06, down 9 per cent on the 
week. 

Wienerberger remained 
active after Thursday's disap¬ 
pointing first half results. Its 
shares fell Sch330 to Sch3.770 
in high volume. OMV, the oil 
group, which said that the 
state wanted to sell off part of 
its 70 per cent stake, lost Schl6 
to Sch&7. 

ZURICH eased in line with 
other markets. The SMI index 
fell 6 to 1,7562 for a loss of 2.7 
per cent on the week. 

In Scandinavia, STOCK¬ 
HOLM closed at a year's low 
for second day in the last four, 
the Affarsvarlden general 
index felling 4.7 to 834.7, down 
4.9 per cent on on the week. 
HELSINKI fell further In thin 
trading, as the HEX Index 
dropped 9.4 to @6.7, down 42 
per cent on the week. OSLO 
was kept from falling further 
as selling pressure eased. The 
all-share index rose 1.54 to 
378,04. 

MADRID'S general index 
closed down 0.79 at 21324 for a 
fall of 42 per cent on the week. 


Warsaw 
retraces 
Q2 losses 

By Antonia Sharpe 

POLISH equities have retraced 
most of the losses incurred in 
the second quarter and some 
analysts believe that the out¬ 
look for Europe's fledgling 
stock exchange has improved. 

After a generally stable first 
quarter, the Warsaw WIG indi¬ 
cator dropped around 25 per 
cent from April to June on 
selling by individuals, disillu¬ 
sioned by a decision by Wedei, 
the food company controlled 
by Pepsico, to omit the 1991 
dividend. 

Political uncertainty, high 
interest rates and a big flota¬ 
tion of Treasury bonds at the 
start of June also weighed on 
the index. 

Mr Wleslaw Rozlucki, the 
president of the Warsaw Stock 
Exchange, told fund managers 
in London yesterday that the 
recovery in the index since the 
end of June had been triggered 
by the formation of a new gov¬ 
ernment and the National 
Bank of Poland’s decision to 
reduce interest rates. 

The appointment this week 
of Citibank as a custodian of 
the stock exchange's central 
depository system has solved a 
fiduciary problem for interna¬ 
tional institutions and should 
lead to more foreign participa¬ 
tion in a domestically-driven 
market, Mr Rozlucki said. 

Another positive factor is 
the expected launch next week 
of the Boston-based Pioneer 
Group's open-ended mutual 
fond in Pollsb securities which 
aims to attract $50m in its 
first year. 

Mr Reginald Duquesnoy of 
Cresvale Securities, the hosts 
of the seminar, believes that 
the Polish stock market capi¬ 
talisation will grow from 
$148m to at least $500m in the 
next year. 

The market’s average price/ 
earnings ratio has fallen to 22 
from around 3 late last year. 

SOUTH AFRICA 

JOHANNESBURG eased in 
doll trade. The industrial 
index weakened 30 to 4,130 
while the overall index was off 
27 at 3,377. The gold index 
shed 17 to 1,122. De Beers, 
which fell R125 to R7625, has 
lost 7 per cent on the week. 


Brussels stages some 
summer attractions 

Andrew Hill gives his reasons why investors in 
Belgian stocks should not go on holiday just yet 


T HE Belgian government 
is about to thrash out 
the 1993 budget, a court 
ruling on minority sharehold¬ 
ers' rights is expected shortly, 
and powerful institutions are 
vying for control of one of the 
country's biggest banks. 

It is probably unwise, there¬ 
fore, for investors in Belgian 
equities to pack up for their 
summer holidays just yet. 

A drop of 6.7 per cent in the 
Brussels Bel-20 index to 
1.134.06 this week reflected the 
fall on global markets, the 
index having come off its 1992 
peak of 1,235.40 reached on 
June 2 on fears of higher inter¬ 
est rates. This was accompan¬ 
ied by an improvement in vol¬ 
ume. whereas it was depressed 
elsewhere in Europe. 

Although Belgium is suffer¬ 
ing from the same interest rate 
malaise as the rest of Europe, 
analysts believe that the 
bourse could outperform its 
continental counterparts in the 
coming months. Dillon Read's 
half-year analysis cites "Bel¬ 
gium's de facto integration into 
the economies of the D-mark 
bloc and the country's rock 
solid commitment to Lhe EC 
as factors underpinning the 
Belgian Crane and. the bond 
and stock markets. 

Tugging against this tenta¬ 
tive optimism is the prospect 
of another season of gloomy 
results from Belgium's cyclical 
industrial companies. Most 
interim results are due at the 
end of August and in early Sep¬ 
tember, but investors will ben¬ 
efit from some pre-season 
training next Thursday, when 
Solvay, Belgium's largest 
chemicals company, releases 
its figures. 

Caution ahead of the results 
season is understandable. Hie 
market’s bouts of enthusiasm 
for cyclical stocks over the last 
18 months - often fuelled by 
over-optimistic company state¬ 
ments - have mostly been dis¬ 
appointed. 

“We're looking at a very 
gradual economic recovery." 
says Mr Guy Lerminiaux. an 
analyst with Dewaay. “Indus¬ 
trial companies have profited 


from restructuring, and 
they've all cut back on expen¬ 
diture. But the feeling is that 
after some optimism in the 
first quarter we could now see 
some underperformance in 
cyclical stocks." 

Analysts are therefore focus¬ 
ing on defensive stocks, such 
as banks and retailers. 

The retail sector - namely 
Gib, Delhaize and Colruyt - 
was the market's success story 
in the first quarter. Gib has 
sustained the rally, taking fur- 

Shara price, anti Index rebased 


BSL 

Share price 

95 1 —*—»— 1 —*—*— 1 — 1 
Jan 1992 Jul 

SoiBot^Ostttmwn 

ther steps towards realising 
the value of its Quick barn- 
burger restaurant chain, and 
continuing to improve its 
domestic retailing operation. 
By contrast, enthusiasm for 
Delhaize has waned in recent 
months, as the weak dollar and 
difficult trading conditions 
have taken their toll on the 
group's extensive US 
operations. 

Over the next few weeks, 
however, investors will be 
more interested in develop¬ 
ments in the following three 
areas which could have a lon¬ 
ger-lasting influence on the 
stock market: 

• The 1993 budget Last April 
the new government stitched 
together a stringent "emer¬ 
gency” budget for 1992. The 
austerity package drew criti¬ 
cism at home, but although his 
government is under some 
political pressure. Mr Jean-Luc 
Dehaene, the prime minister, is 
expected to take an equally 
hard line on cutting expendi¬ 


ture for 1993. 

• The Wagons-Lits court rul¬ 
ing. The Brussels court is 
expected to decide early next 
month whether Accor, the 
French hotels group, and 
Societe Generate de Belgique, 
the holding company, gained 
effective control of the Franco- 
Belgian tourism group when 
they bought a stake in the 
summer of 1990. The two com¬ 
panies have since mounted a 
successful bid for Wagons-Lits 
at a lower price. 

If the court rules that control 
did change bands, then the 
companies will probably have 
to buy out disgruntled minor¬ 
ity shareholders at tbe origi¬ 
nal, higher price. Some of the 
evidence in tbe hearing was so 
convoluted that it seems 
unlikely tbe decision will be 
that simple. Nonetheless, bro¬ 
kers are hoping the ruling will 
inject much-needed legal cer¬ 
tainty into the vaguely-worded 
Belgian takeover rules. 

• The wooing of Banque 
Bruxelles Lambert (BBL). 
Internationale Nederlanden 
(INGi. the Dutch banking and 
insurance group, wants a com¬ 
mercial partnership with the 
Belgian bank and has built a 10 
per cent stake in the group. 

The outcome hinges on the 
attitude of Groupe Bruxelles 
Lambert (GBL), which controls 
nearly 25 per cent of BBL and 
also heads a long-standing syn¬ 
dicate of BBL's main share¬ 
holders. Mr Albert Frere, the 
head of GBL. is said to favour 
a partnership with a domestic 
bank, but some analysts 
believe he is holding out for a 
higher price. He appears to 
want BFrf.OOO a share but ana¬ 
lysts reckon the bank is worth 
BFr3,00u a share. The market 
is hedging its bets: BBL is trad¬ 
ing at around BFr3,500. 

A solution may not emerge 
until the end of the year when 
GBL's right to first refusal of 
other syndicate members’ 
stakes in BBL is due to expire. 
However, vacationing share¬ 
holders should still keep one 
eye on the bourse since Mr 
Frere's holiday plans are 
unknown. 


ASIA PACIFIC 


LONDON SHARE SERVICE 


Nikkei falls 6.3% in a difficult week 


Tokyo 

THE NUckei average fell to a 
new low for the year as Inves¬ 
tors sold ahead of the govern¬ 
ment's emergency meeting to 
discuss support measures far 
the market, writes Emika Ten1- 
zono in Tokyo. 

The 225-issue index fell 542JL5 
to 15,497.79, down 62 per cent 
on the week, on arbitrage 
unwinding and index-linked 
selling. The index opened at 
the day's high of 16,014JS5 and 
fell to the day's low of 15,49057 
by mid-morning. 

Volume fell from 237m 
shares to 200m. Declines led 
advances by 737 to 219, with 
152 issues , remaining 
unchang ed. The Topix index of 
all first section stocks 
retreated 2327 to 120425 and 
in London, the ISE/Nikkei 50 
index fell 608 to 933.49. 

Speculation that the govern¬ 
ment will decide on a Y6,000bn 
supplementary budget to boost 
the economy disappointed mar¬ 
ket participants,-as this -had 
already been suggested by the 
ruling Liberal Democratic 


Party. Share prices fell as dis¬ 
couraged dealers and invest¬ 
ment trusts sold out 

Market participants 
remained sceptical about the 
success of the emergency mea¬ 
sures in supporting the mar¬ 
ket “The possibility of the gov¬ 
ernment's plan attracting new 
buyers into the market is very 
low," said Mr Kaora Shimura, 
head of pension fund manage¬ 
ment at Sumitomo Life. 

However, Mr Yasuo Ueki, 
' head of equity trading at Nikko 
Securities, said that yester¬ 
day's decline indicated that the 
disappointment had now been 
discounted. “An unexpected 
proposal will be a positive fac¬ 
tor, while there wfll'be no neg¬ 
ative effects on the markets 
even if the proposals are not 
new,” he said: 

Persistent worries about the 
troubled real estate business 
depressed banks, realtors and 
contractors. .Mitsubishi Bank 
lost Y50 to YL 610 and Sumi¬ 
tomo Bank fell Y60 to Y1260- 

Nippon Housing Loan, tbe 
-troubled housing loan com¬ 
pany, fellforthe seventh con¬ 
secutive day, losing Y13 to a 


record low of YI72. Mitsui 
Fudosan, the leading real 
estate company, fell Y25 to 
Y720, while Daikyo, the condo¬ 
minium developer, declined 
Y60 to Y62L 

Electricals were weak on 
fears of downward revisions. 
Investors now reckon that 
since the economy is unlikely 
to rebound, originally expected 
this autumn, earnings fore¬ 
casts at the electronics compa¬ 
nies are too bullish. Hitachi 
lost Y5 to Y745 and Sony fell 
Y140 to Y3J850. 

In Osaka, the OSE average 
fell 250.91 to 17.940.03 in vol¬ 
ume of 24m shares. 

Roundup 

PACIFIC Rim markets were 
mixed. Brokers in Bombay boy¬ 
cotted trading on fears that 
more brokers' assets might be 
seized by the government 

HONG KONG fell in after¬ 
noon trade, the Hang Seng 
index slidding 144.40 or 2.44 per 
cent to 5,772.76 in turnover of 
HK$325bn. The index has lost 
5.7 per cent on the week. 

Banks lost ground . with 


HSBC Holdings down HK$2 at 
HKS54. 

SEOUL gained ground in low 
turnover. The composite index 
put on 3.46 to 621.99 for a 
week’s rise of 1.5 per cent. 
Turnover fell to Wonl53.65bn 
from Wonl70.52bn. Gainers 
outpaced losers 435 to 250 with 
157 unchanged. 

TAIWAN finished higher in 
spite of a weak opening. The 
weighted index closed up 4329 
at 4,02226 but was down 6 per 
cent on the week. Turnover fell 
to T$26bn from T$3025bn. 

MANILA slipped as profits 
were taken in oil stocks. The 
composite index shed 727 to 
1,46329 but was l per cent 
higher over the week. 

Gainers outnumbered losers 
21 to 14 in combined turnover 
of 252m pesos. 

SINGAPORE fell sharply 
with the Straits Times index 
down 2324 to 1,40121, a fell of 
3.4 per cent on the week Ship¬ 
yard stocks continued to be 
weak with Jurong Shipyard 
down 45 cents at S$8.05. 

KUALA LUMPUR’S compos¬ 
ite index shed 8.71 to 593.53, a 2 
per cent drop on the week. 


FT-ACTUARIES WORLD INDICES 


Jointly compiled'by The Financial-Times Limited, Goldman, Sachs & Co., and County NatWest/Wood 
-Mackenzie in conjunction with the institute of Actuaries and the Faculty of Actuaries 


THURSDAY JULY 23 1*82 


WEDNESDAY JULY 22 1M2 



US 

Ot/3 

Pound 



Local 

Local 

Grata 

US 

Pound 

■how number of lines. 

Ooftar 

Change 

Staffing 

Yen 

• DM 

Currency 

% ch* 




of stock 

Index 

% 

index 

Index 

Index 

Index 

on day 

Yield 




DM 

Currency 

19*2 

1992 

ago 

ndex 

Index 

High 

Low 

(appro*) 


Australia (69)_.. 

Austria -flSJ-- 

Belgium (42)- 

Canada (114).— 

Denmark (35)—.— 

Finland (15)... 

France (104)- 

Germany (65)-:.. 

Kong Kong (54).. 

Ireland (1®- 

Italy (781-- 

Japan (473)--- 

Malaysia (89)-- 

Mexico (18).-.. 

Nettierland (25).. 

New Zealand (14)- 


Noway (23)..- 

Singapore {36}-— 

South Africa (61)._... 

Spain (49)_ 

Sweden (29)- 

Switzerland ( 62 ).— 

United Kingdom 1223}... 
USA (522)_ 


... 142.66 
... 154.80 
„ 147.18 
_ 12729 
_ 238.43 
_ 7252 

.. 154.27 
.. 121.41 
.. 246.38 
.. 158-99 
._ 62-32 

.. 95.44 
.. 244.42 
„ 1436.20 
. 160.87 

_ 46.64 

„ 185.26 
.. 207.35 
, 197.78 
. 137.49 
.. 182.B1 
. 109.69 
. 182.48 
_ 167JJ2 


114.17 

123.8ft 

.117.77 

102.10 

190.81- 

58 L 88 

.1ZL45 

97.17 

197.17 
127.23 

50.35 

71137 

195.59 

1149.33 

128.74 

37.33 

132-25 

165.93 

158.27 

110.03 

14&30 

87.95 

146.03 

134.31 


126.82 
119.62 
. 111.07 
109.76 
185.41 
62.46 
121.18 
83.64 
244.65 
12451 
52.87 
71137 
23554 
4883.53 
122.60 
45.13 

130.94 
154-27 

17D56 

98.69 

146.94 



Europe (780} 

^-P^fic(1K7)Z.: 12023- +1 2 93.15 9851 82.72 9570 +0.J 

North America (638).. 165-30 + 0.3 125.07 T32J0 127.51 163.87 +J3 £99 164.88 

Europe Ex. UK (562)-.— 1K.24 +0.3 97.04 10025 0622 98.07 + 0i> 351 124.K 

Pacific Ex. Japan (244)— 168.46 -0.8 130.52 134.83 12954 150.05 “0.8 3-38 169.79 

World Ex. UStlTOO).- 122.14 +1.1 94S3 97.75 94.20 98.13 + 0J 2.85 120.80 

World Ex! UK (1994),™.„. 132J27 +0.7 102^3 105.86 IjjiUfi 117.22 +0.6 2J0 31-31 

World Ex. So. Af. (2161L 13825 +0.8 105u57 109.05 105.09 116.98 +0-6 290 13&2U 

World Ex. Japan (1748)... 158J56 +.0.3 12315! 127.70 123.08 14429 +0-1 3.46 169.09 


The World Index „— . r -_ . , ___ 

Copyright, The Financial Times Limited, Goldman, Sachs & Co. and County NatWest Securities 
Latest prfres. were unavailable for nils edJtton. 


430 142-20 

2.44 155.48 

5.54 147.42 
3.24 127.48 
1.89 237.60 
Z2B 74.46 
3.67 15&22 

2.45 121.07 
3.35 250.57 

4.23 15857 

3.95 62.71 

1.11 93.29 

2.66 246JJ8 

1.23 1467.05 

457 160.56 
6.03 47.08 

1.93 164.29 
2.15 209.36 
3.03 189.75 

5.95 137.46 
2.79 184.46 
209 108.89 
5-28 180.73 
2*8 16737 

425 145.95 
209 17189 
1.49 10033 
185 118.78 
IBS 164.88 
151 124.82 
3-88 169.79 
185 120.80 
160 13121 
190 13520 
3.48 159.09 


190 135.58 


105.60 108-72 
Limited. 1987 


BRITISH FUNDS 

*-a 1992 YUd 

HOMS Price E - Mgh tow ML fed. 
“Short*" (Uvea op la Rw Yoon) 

Bocti 12% pc 1992.- 1M£d -101% 100£ 1122 907 

13% pc 1992- M0& -A 10*% 1D0i 044 984 

Trans 8%pcl993_— W%«l — »*% 97H U1 870 

T0pcl993tt- 1B8& - 100% 99j) 189 988 

12%pc1l»m- 1821! - 1032! 101« 1M9 878 

Fan*m Epc 1993W- 98ft _ 97)} 95* 886 

Tien 13Vpc 19938:— »»H _ IMfl 104% 18.12 972 

8%Dg 1994-_- 9B£d _ 99^ 961, 162 949 

14%pe19»4*t__ 166% --Ml! 10813 1857 9 72 

13> 3 pc 1994- 106A, _ 197fi T05A 12-73 *S3 

Traas. lOpcLR 1994tt- noil - TtlSj 9811 M3 962 

Exdi 12 > 3 pc 1994- losjlai _n»A iron mm 960 

Tioa*9pc T994tt- SB* _ S9L2 96^1 90S 942 

12PC1995- 10913d — 1081! 1140 ISO 

Exdl3pcfissBO-95- 91 It _ B4J3 88ti 822 5G7 

10VPC1985- 1014 — 101«* 99A 1104 444 

Ttoasl2tipc 199Stt— 108 .i 111)3 108*. 1140 941 

14pc 1996 - _ 112fi _114i llflji 1241 957 

9pc 1992-96*4- 994 - W/i 96ft *07 925 

IS t«pc 1996*4- 117% +4 1104 114 [J 12JM 956 

Each 13% pc 1996*4— 111% +& 112% 108% 1148 955 

Comwraioal Opel996- 1024 +4 183% 980 977 932 

Tims 13% pc 1997*4— 11313 _1H{1 110* 1148 *48 

Each 10% pc 1907_ 10413d 18SJ3 100JJ 1045 *29 

Ft™ to FUawi Yian 

Tnmflltpc U% — te, 1 . 94 841 918 

8%pc 1997 0_ 08% _ N,' ( 984 **1 *18 

Ewh 15pc 1997- 112 — 123U 11«A 1M8 955 

94 pc 1980- tt24 — 188fl 97 U *S4 *21 

Tiaas 84 pc 1995-68** 91B — 93i B8J1 744 855 

15%pcV8*4- 1274 »A 1234 *« 

Each 12pc 1998- 11Z 4 - 113% 1B7J) 1048 935 

TiBiS 9% PC 1999**— 1«lj - 183% 97* *27 847 

I E«ai12%pcl9M- 114A -116,1 109% 1*74 *34 


BRITISH FUNDS - Cont 

+« 

Naea Price £ - 

Treas 10% pc 1999- 188% — 

OmanknlO%pc199*. 185% _ 

9HZOOOG- 99Q ~ 

Tiaas I3pc 2000- 118% — 

10 pc 2001 - 1 B 6 Aal _ 

14pe -98-01_ IIBfi _ 

9% pc 2002- 1844* 

9%p20O2C- 104* - 

lOpc 2003- 108% +A 

lOpc 2003 B- 106 U +A 

Tims 11 %pc 2001-04. 112% _ 

Funonfl3%pc"99-04_ 874 -4 

ConvarMm9%peZ004- 188% — 

9%pc 2005- IBS's — 

Tiaas 12%pc 2003-05- 1Z2U *4 

Bpc 2002-00**- 91U +4 

TTeas 11 % pc 2003-07- 116JJ +4 


Ovar FHtaan Yaara 
Tieas 8 % pc 2007 it— 

8% pc 2007 A- 

13% pc -04-00-- 

9pcZ008*t- 

Bnc?<MW 

Conv9pcLn2011 *t— 

9pe2011 6--- 

Tiaas. 8pc 2012- 

9PC201Z A- 

Treas 5% pc 2008-12* 

7% pc 2012-15*- 

Each 12pc 13-17- 

Tiaas 8 % pc 2017- 

Undated 
Consols i pe 

War Loan 3% pc*;- 

Conv3%pc%1 M - 


«8H +4 
•84* — 


1992 

Nph DM 
1B7U 101|! 
108U 100U 
mil 94% 
«8J1 *H 
1*1% 1141! 
«•% 99fl 
121 1151J 
166% 98% 
1064 *4 
1074 1004 
187% 1054 
11813 1074 
680 59% 
18413 96U 
18*33 98J4 
124% 1164 
as 85% 
H81! 1103! 


874 8911 
*74 89B 


VkU 

M. Dad 
*18 *19 

*72 *19 
Ml SOI 
*84 901 
1884 *40 

*82 *12 
1171 *53 
135 908 

*38 *08 

*41 *08 

141 *09 

W22 *34 

*28 774 

118 901 
*17 900 

10.18 *21 
*70 *00 

KL00 920 


BRITISH FUNDS - Cont 


Tiaas 3pc VS Mi- »% 

Conafc2%pc-- 27fl 

Tiaas. 2 % pc- 27% 

Indaz - Unkad 

Dd 

Tiaas 2pc -94_(102L9) 128J1 

Zpc *S-1874 

2%peOI-(7*3t 148% 

2%pC *03-(788] 141% 

2pctJ6-(6*5) 144 A 

2% pcTS-(788) U1% 



+«r 

1992 

Yield 

Priwt 


tagh 

tori 

lid 

Red 

»% 

_ 

*!% 

29‘1 

!L27 

— 

»* 

«% 

— 


si 

*03 

*09 

- 





11) 

(2) 


+,‘. 

127% 

122% 

288 

412 

162% 

+•£ 

114% 

176% 

XU 

4iV 

148% 

+3 

148(5 

141 

424 

458 

141% 

+A 

144« 

138,1 

418 

457 

144& 

+% 

147ft 

139,1 

431 

464 


+% 

04% 

mi 

432 

451' 

13S%* 

+% 

T3»;I 

129% 

438 

449 

lllfcrt 

+% 

114% 

106 A 

430 

44/ 

11l%d 

■*■,1 

in% 

112% 

427 

443 


188(2 

+A 

wifi 

93U 

*82 

*88 


*A 

BSU 

■A 

*68 

*88 

161% 

+% 

1821! 

93il 

8te 

*86 

99U 


192 

B3H 

*61 

*77 

101 fid 

+A 

W2.». 

53ft 

*17 

*84 

rui 

+& 

n« 

69i 

*87 

884 

78 

-A 

T81* 

82% 

786 

*07 

60fid 

♦A 

9612 

B1fi 

*64 

*80 

129,*, 


7381! 

120% 

*88 

*90 

H%d 


101 

97% 

*94 

*78 



44% 

39% 

*18 

_ 

98U 

_ 

so% 

35,*. 

&M 

— 

«% 

— 

«2% 

SB 

588 

- 


221 z'ape'zo reaoi nsu *a 117 % lorjj 425 4.40 

*17 9 00 2 % pc -24(4 (97 7| 9*4 +A 87,5 88% Alt 4J5 

1*18 921 4%pc-aO«_(l35l) 884 ♦% 99 V 96 4.18 433 

*70 *00 Prewealve real redemuUon rate on pro]fcirt Inflation or (1) 
1*00 930 10“* and fZJ 5%. Cbi Figures In pamrtlmes show PPI base for 
Indexing, de 8 months prior m Issue) and have been adjusted in 
reflect rrbasing of RPI lo 100 In January J.987. Conversion factor 
3.945. RPI for December 1991:135.7 and (or June 1991139 J 

*12 *93 

“ ** OTHER FIXED INTEREST 

*82 *88 + 01 1992 YWd 

ant Baa Motel Price t ■ hgh low ire fed. 

ate *m African Dev 11 % 2010. m« +y iihj ios% lbo 93a 

“5 Asian Dev 10%pe2009 188.-, +/i 1004 *45 *24 

fSi J” Ethini M%pc3312— 112% _ 113*2 102V 1*22 1005 

J" bstaodCop8%pc‘10— 98% — 99% 88% *42 

J" “! 90C Cap 1996- 12% +% *9% 90 *72 

Iw SS tteeVMB- 166 - 115% 103% 1228 

X84 880 HydnQueilOCl5pc2011. 148% +/, 1*1 fl 130% 1L68 1*13 

*88 *90 LseCfl 13IpOC2006—_ 124% _ 128 116% 1087 1025 

*84 *78 Liverpool 3%pc lrraL_ SZ% _ 33% X 1*77 

LCCSpcTOAIt- 38% — 38% 27 184 

Mandnsw 11%pc2007. 118% _ TI1% 103% 1*41 1*12 

Met Wtr. 3pc V - 86% — 81 53 486 860 

*2 - KYritfe Artf&3%pc2031 109% _111% 103% - 5*3 

*89 - 4%pc 112024.-- 1B9 bS _ 716% 103% - 5.17 

*68 - UK Uo Bars 16 % pc t006_ 121% - 128 121% 1336 1297 


Notes 

African Dev 11 % Z010_ 

Asian Dev 10%pc2009 
Biwn n%pcJ»iZ— 
Wand Cbp 8% pc "10_ 

9pc Cap 1996-- 

13pe -97-02- 

Hydn Quebec 15pc 201 1 . 
Lseos i3%k riYlfi _ 
Liverpool 3% pc lrred__ 

LCC 3pc 20 Alt-- 

Usnchesw 11%pc2007. 

Met Wtr. 3pc -B-- 

ITwWe Artffa3%pcaK1 

4%pc 1L 2024- 

UH wanes 16% pc 2009- 


+)f llbll 105% 
*/, 109(1 100 A 
_ 113*2 102% 

— 99% 88% 

+% 99% 90 

_ 115% 103% 

1*1 a i3o% 

— 125 116% 

_ 33% X 

__ 86% 37 

— Til % 103% 

— 61 53 

—. 111% 103% 

_ 716% 103% 

- 128 121% 


wem 

H Red 
*89 9 38 
*45 924 

1*22 1005 
842 
*72 
1228 

1*88 1*13 
1087 1025 
1*77 
*84 

1*41 1*13 
486 860 

- 543 

- 5.17 
1886 1297 


REAL-TIME EUROPEAN AND VS. STOCK MARKET DATA AND 
ANALYSIS AT REALISTIC PRICES 
★ ALSO FUTURES * OPTIONS ★ BONDS * FX AND NET'S * 
CALL ■ LONDON 71-329-3377 - FRANKFURT 49-69-639125 




WORLD STOCKMARKETS. 

1 

A 

- 1 

WHERE NEXT? 


Ed 

If you have a View, take a Position 

Contact: Aobun Francs on 071-2651010 
ECU Tnwsrixr Pit 29 Ossuv Pt*ct SWIXSHL 
Mian or Tec Stavna Fcnw Acreaam 



Market Myths and Duff Forecasts for 1992 

the rcceisicn Is over; sIocKmcrkcls crc in a bull trend; lhe US.cJollsr will 
continue to ioc over. You efid NOT reed trial in FullerMoney 
lhe iconcclasllc invcstmenl letter. 

Call Jane Fa.-qutiaiscn tor a sample issue (once only) 

Tel: London 71 -43V4961 (071 In UK) or Fax: 71 -4S39JY66 


'RADING STRATEGIES 8. IDEAS 


Currencies • Bonds II U I 
Energy * Metals & A 
OD Markets ]^[ - M 

SettingTheTrendForOthersToFtitlow 


Traud Analysis Ltd 
FlunnHouu 
32 Southgate Street 
Wtactostar 
Hants S023 9EH 
W: 0962 879784 



CAl.Fuliuri tid 

ft-se 100 E2HL. 

Where next? u«idonec6V4Bs 

Tefc Q71-U41010 

MEMBER S F AI Call far aur cur rent viewi Kir B 7 I- 3 H »|8 


FUTURES & 

OPTIONS 

TRADERS 

FORAH EPnCtENT AND 


BERKELEY FUTURES LTD. 


15 PARK ROAD, LONDON NW1 6XN 

or thl Charles de roeper 

ON 071-224 8489 
FAX:07l-224 8275 


REINSURANCE 


The Financial Times annual 
survey will be published on 
September 7 1992. 

The FT is read by more senior 
European executives in 
insurance than any other 
business publication*. 

If you would like to reach this 
influential audience please 
contact : 

Richard Huggins 
Tel: 071-873 36S8 
Fax: 071-S73 3078 



Data source:* European Business Readership Surrey 1901 


FT SURVEYS 








































V 


FINANCIAL TIMES WEEKEND 


AMERICANS 

Sores I 
Abbott Ute._h i 

WW^iW— 

Amer CyanamxL— 


SWAnwna 

Bankers NV,_ 

BdMuM_ 

BeSSouBt_ 

VBelHehem Slut_ 

Bowaler_ 

CPC_A 

TCidu lhhiik— 
CaMornb Engy 
GampheBSonp 

CtKBo Manhattan_ 

Cftrwler- 

Cotgatf-PaJm_ 

Conn F-T * 

Dana_ 

Data General_ 

fDecora Ws- 

Dun* Brad_ 

Eaton_ 


Ruof_ 

had Mol or._ 

Gen Bert_ 

fGerasd HosL 

gag* _ 

Hasoro.. . 


♦ a 19 
Price E - high 
15%d *■% 19 >i 

29 >* _ 333* 

Kip - 11500 

30% - 37 

12/.d - 11% 

a\x -v »% 

K\ - »U 

S3 Art -* 27% 


ta» Cap Em Gr’s 
US 13544 2.0 


ISp 3260 MM 
00 7930 1516 

57 38S 2,798 

1% 10U MOT 


JMjri -,i 


24% Ml* 38,009 11 gSpnoaftan- 

»u 32>j 15,397 S3 ■»-- 

27% I9A 7398 39 -; 

571, 29h SJSU 46 jW -- ■- 11 


25V 33V 1M1B 


- 1S79p 1016a 5713 40 ^“21! 


Houston bids- 23 V — 

IBM_40%* - 

hgwwB-Aand_a 13 V - 

Lockheed- 73% _ 

Loire’s_h 1045p _ 

Mema Lynch_ MUto + 

Morgan |JP>- 39 U _ 

Monsiniflpi- 45 Ad - 

NYNEX_ 42% _ 

Far tacKC Afrtadinl set Cam im Inc 
Pan_ is _ 

Quaker (tats_ 30l;ri - 

ROCkwel_12/, + 

Rep NY_ 21 Um - 

Sear*. Rod***- 2 B,',b1 - 

Stftwestem Bed_34% _ 

Sun Co_ 13 Vd +i 19 V 

Tenneeo_ M Vat +JJ 25,; 

Texaco- 33i*to +V 36% 

Time Warner_ 59%to -1% "82% 

VUnfcu_3200 _ 587p 

Did Tech_____ 28d -V 31V 

WRSIntllc_ BVp — 

US West____ 28% _ 

«MF__ Wp _ 

Waste Manage-17 Vd 

Wtnripoo)_ 197200 _ 

KWoorwonn__ U% 


CANADIANS 

Notes Price I 

VAbtMiEnagy-IVa 

Amer Barttk_ TSIBp 

BfcUoitretf__ Zfl% 

Bk Nova Scot_ IBItp 

4 EC Gas- 7440 

BCE_ 20% 

VBrascan_ 72Zp 

Vfteakwaier-Mp 

Can imp Sb___ Ifllp 

Can Pacific- 7120 

4pcDeh- 36 


25V 22% 3J6S 
3«Z0 ieap 
8330 699p 166.1 

23 A 17% 095 

16V 9% 1.8*8 

11V 6V 2312 

11V 5 V 3^61 

29/, 25 V 4J77 
10390 499p 9424 

24V 14/, 939.1 
1B04p 38Sp 1284 
T220 650 - 

53V 2’V 5J08 

48V 32V 1J7, 

11 7% 55U 

20 10% 3JG9 

27 19V 1452 

29% 15 11130 

46V 39% 34,720 

asjn 3S0a 
MV MU 5.7*4 
10 12% 1292 

*5 33/, 2389 

25 22% 10*3 

54% 46 V 27.680 

19/, 73% 1,439 

25% 22% 1454 

1Z73P aisvp 7524 
39 {3 24% 2,595 

37% 28/, 5489 

45A 37[J 37,311 


BUILDING MATERIALS - Cent Cfl 

*v 1»s Hkl YU 
Naas Pnw - Mgh kM CapCm Gft P/E 

M w 8% — t 4% 087 2Z0 34 fttt 

K SlGobwFTr_ 154% _ £61V W 3.712 *2 4 

n| Shaipe&fiaber_ 6*-— 81 62 121 M -«to 

*SIbw(AI _ 49 -1 59 27 429 35 59 4Sn 

r! ShcIMdkraito— 87 — 111 7U ZU 7.4 342 SMi 

MSoimaftn— 09 *3 in 122 4748 03 lEO Stria 

■Stamm_ 9% _ 13 9% Slfi 43 9.4 Tsyl 

■74xnac___ _ 58V -2% Ml 65 4B44 114 375 «T» 

*THw_1 145 -ID 178 95 193 38 137 TBhu 

■Tran* Perfcms_ 139 _ 228 139 1412 77 265 4Ta 

•JTudor_ 33 _ 38 31 163 19 - Try- 

MJiedrau p _ a _ 24 8% 181 - - Ww 

Ward Croup_t 63# — 91 82 lit t 18 Wart 

sWaieflTOseZH 33 _ *3 23 188 t -4We 

■VHekK_ 73 _ HO* 53 217.3 - - BWc 

■WfettM_ MU — IBM BU 118 M 4 -TWO 

■Wofcttov_ 313 TO 479 3l2 7415 M 147 KV 

Wmceslet_♦ 223 — 223 130 BU 25 215 HWi 


CONTRACTING & CONSTRUCTION - CouL ENGINEERING-GBIB1AL- Cont. 


na ■lAmiJK . __ 

4S .}riton-1 

54 HTravA Parians— 

r. .fTiHtor- 

_ BUr^mup- 


_ £61V £41 3,712 42 4 <Qncr1ICkHtve_ 

_ 98 62 121 M - «hert1-1 

-1 59 77 U! 15 53 {fihorca- 

_ 111 70 Z3J 7.4 3&2 SWs4(Wih>- 

*3 181 122 4708 03 180 Smart (J1_-.7 

_ T5 9% Slfi 42 9.4 TayHomna- 

-2V 181 95 4848 110 275 BTayUrWood_ 

-<0 178 85 1U 39 12.7 TBbwy tagfe*- 

_ 228 138 1412 7 7 262 4TormHlro- 


25 jWaiertnuse- 

_ BWickK- 

_ BWdStoM- 

2, BWobelev_ 

u Worcesler,-_♦ 

32 


BUSINESS SERVICES 


t 29 Ward HUBS_ 

4 - 4Weseol- 

- - BWesUMy- 

18 4 *WBM 3r alU 0 - 

52 147 KWe3tpert- 

25 215 raWtoon Bowdou- 

■Wison (Con)_ 

■ttfimpeytGl—_ 


■MB 1®2 
Price - Ugb 
123 — *132 

48 _ 48 

51 — 78 

01 — 85 

100 - 140 

187 Mt *72 

178 — 238 

59 _ *143 

558 -5 648 

21 -fl 48 

35 _ W 

88 -1 188 

31 _ « 

O - « 

71 -7 129 

11—18 

2V — 8V 

302 —I* *481 

137 “4 221 

109 -a W 


bn Caotffl Gft p/e 
* 113 - - 


19K MU YU 
tort Uw CopQn GTs 


_ 18 82. 71* 122 &7 


302 MO 18 123 
128 760.4 35 118 

108 3MJ 125 212 


24 Duaincaa 

3.4 *or 

40 Nows Pnce ■ 

- BAHTS_ 445 -10 

- For ATA SBodon *» Bnndcskw 

19 Adam £ Harvey— 2MU — 

29 <.A» London_r 81 - 

17 African Lake* 48 — 

6.5 ■Auu'ted Sec_t 128 — 

ro ■bet _a H8r +i% 

23 B6NB Res_ H -2 

11 BPP_— 245 -6 

41 Bamcm inde*- 250 — 

1.4 ■Boum ml_4 29%- 

07 ■8m Data Manet-A 131 — 

25 *BioadC3SO«_ 11 — 

57 Brooks Sendee_ 83 - 

52 ■Bune-Alkterson- 2 - 

2.5 ■CUT_112 -2 

4.7 Cartta- 378 -4 

14 BCas/iet- 28 -V 

10 ChStom Captal_ 35 — 

17 ChnsM Group_ 38 -2 

27 «omac__ *4 -IV 


ffUMPiMs- 1 « - 


1992 MH YU 
Nell low CapCm Gr’s 
533 143 5218 - 


ELECTRICALS 


tow CapCm Gr’s P/E 

143 5218 - • +or 1992 MM ' 

Notes Price - kg* to CapCm 

198 9.18 69 * ArcOtoctrtGANY— 40 41 X 200 

81 7.15 53 8JS Arton- « 22 12 4J51 

49 138 54 97 ASEASSKr- £34% — £37% £28% 8989 

91 1439 W 102 BBCC_ 281 -i 880 279 9354 

103 1088 79 170 Cap fin 10 Vpa_ 98% “V W 00 17*9 

69 189 15 81 Bedes Hunter—rq 238 — *2IZ 230 ZU 

208 620 19 MJ USenn't 4 Ft3lH-_ 5V - 20 5 557 

178 389 49 188 BidBinA- 8%sJ — IV B% 1-W 

20 212 aa 54.1 SuriTlWd-g Mr — *228 142 329 

111 279 44 105 For CMb ugm m aECnwmr 

9 UB - - BCWorWa- 18% 14% 7 215 

GS 907 89 264 dartsfT)- 75 — 184 73 109 

2 1*3 - - Dsfe- 74 m 72 899 

103 SU 29 ♦ KWla- 421 +5 588 400 8216 

WZ 58J 19 243 •Htonmao--_t 178 - ISO 148 798 


19 229 24 169 CkwhureJ / 


35 _ 270 25% 


- «% 39% 1,887 57 B.>CwpSm«_ 


38 -2 

24 -1% 
14 -2 

7M - 

n* -i 

103 - 

T7 _ 

26 — 
173 -2 

205 - 


_ 18580 6320 2158 

-A « >7 A 1785 

_ 2799p 187%) 1990 


10 A 1928 13 Units Service_ 174 -1 218 

23% 1027 63 .JEW Fad_ 103 IIS 

28 2979 30 ■Gardner_ T7 — 67 

11% 2J71 39 Gardner DC_ 26 — *41 

20% VI34 24 mays_r 173 -2 215 

I9A SOM 59 ■Hogg Rotonson— 283 - 251 

357* 31% 10917 4 4 ■Holmes Protect S- 3%rr — SV 

18% 13% 1918 79 fHutch Whmg HKS. 107 -4 142 

25,; 16% 2995 4.4 BSBDKr_ £82V £94V 

38% 30 !1 5.583 51 Wncticape_ IE HO TO 

82% 46% 5178 03 JohnsonC»ean*rs_ 585 ~2 680 

587p 320p 2979 - BLep - — _J 5V - 18% 

31V 26% 3905 1* MIT TF __ t ISO - 210 

IVp 0%p 298 - Manpowers_ 721 — 557 

18V 8.483 54 BNMW Comps— 52 _ 53 

632p 2158 - aPaot (U) __ 36% _ 44 


29 793 

24 194 

14 4.18 - - 896pe PI- 37 -1 58 23 09 

09 189 69 40 Ericsson (LM) SKr_ £11% - £9 2.131 

145 1489 61 14.7 FitftSuY- 2*1 318 239 4931 

101 553 56 108 Wttdare- 43 67 45 199 

15 169 105 51 Jones Stroud- 248 -1 273 190 459 

21 596 - - *MnsonBHKS_ 96 - Wl 63 2S57 

106 832.7 II 179 BKemhray-- 12 — 21 12 392 

175 U1A 4.t I4J ftPAinds- 48 — 53 48 49T 

3% 298 - - LscMria- 290 — 315 280 179 

101 1282 44 « Maddox- BV# — 12V 8% 1U 

9% 3839 09 150 4M*pKtfc MalS -1 84 — 38 SI 998 

381 2911 43 149 *Menvfe*-G«aiii_ 445 *43 305 629 

595 1111 57 124 MltsuhBectY-1 191 — 250 178 4JH7 

4V 793 t 08 Motorola X- MS/. +V £48% £34% 5781 

188 199 1.4 179 NEC Y- 333 SOI 321 3.1*8 

715 3319 - - Nootroncs—.—— t 1*1 — 1S3 125 349 

32 119 - - Nokia PI FM_ 711 8*1 579 OS 

3V 219 68 102 ■O.Jordhst- MB -A 254 IBS 93L4 

88 898 19 357 PMpsR- £8 — £11% E7V 2,431 

6 294 - - PWpsRn5VpC_ £08 _ £90 £70 9JB1 


- - BDowdng&M—r 


3%rr — SV 3% 298 

107 -4 142 101 3902 

£92V — £94V £68% 3839 


29 vPrims Peupto 2o_ 

42 ■ProndfoottA)_ 

RCO.__t 


Reed E>ec_ 

1992 MM YU <^mwSec- 

high taw Cap Em G/s WwBinuuter- 

20 ivp - - SSrRi 7 -— 

1BC0 12E8p 9138 03 WIOANabn- 

23V 19>- 2908 47 Kalwsen/Cj- 

1178a B99p 2986 47 «C0H ftekloid- 


fEchoBay- 342p 

•ECO- 2ip 

VGuttCan_ 242psi 

fHawketSto- 10V 

f Hudson’s Bay- 1174p 

trim penal Oil_ WV«d 

toco_16%xl 

gun Corona.--315p 

VMuscocno- 3p 

VN A Tkt Recycbng- 49p 

Nova Caro Atoerta— 37*pnl 

YRw Alflom_ 732p 

Royal Bk Can- 1138p 

YTVXGOd_ 154p 

Totooro-Oom_ SlOp 


_ 11780 B99p 2988 

_ 5700 683p 

_ 24% MV 6981 

_ 9570 7Q4p S954 

_ 33p 6p 129 

_ 18Up H57p 2J65 

__ 9380 770p 2.492 

_ 38 34 111 

— 338p 238p 

_ 4860 300p 359.7 

- 420 12p 

_ 49)0 21Bp 3839 

_ 12% 10V 814 

_ 1807p IIJOp 360.7 

- 21% 18% 1779 

_ 19V 13% 1.770 


JE H9 TO 

598 -2 680 

5 V - 18% 

198—210 
721 — 957 

52 _ 53 

MV — 44 

148 _ 147 

BV — 9 

158 43 3M 

38S -14 483 

133 — 183 

57 -1 81 

282 - 289 

7 — 13 

146 +1 182 

233 _ 235 

258-11V 298 

31 _ 43 


381 2911 
595 1111 
4V 793 
188 112 
715 3313 


6%d — 8% 

8V 

1J> 

11 

- 

T80«r _ *225 

=cn*jnr 

142 

3U 

46 

239 

11% - 14% 

7 

254 

— 

— 

73 - 104 

73 

108 

130 

76 

74 _ MS 

72 

198 

12 

69 

422 « 560 

400 

8216 

44 

IU 

170 _ 1» 

148 

758 

44 

74 

36d -I 45 

36 

174 

63 

62 

A % - « 

51 

BU 

62 

180 

£29% - EZ7 £19% 

vm 

01 

215 

12% - 25% 

12% 

103 

107 

— 

S7 -1 » 

25 

Z74 

215 

- 

£11% - £M£ 

E9 

im 

19 

34.1 

Z4B — 3M 

239 

4551 

15 

» 

45 - 57 

45 

155 

15 

4 

Z40 -1 273 

ISO 

405 

4.4 

4 

M - Ml 

E3 

2S5J 

15 

334 

12 — M 

12 

UZ 

42 

45 

4B _ a 

46 

451 

08 

M7 

299 _ 315 

*80 

175 

07 

211 

BV# — 12V 

8% 

IU 

— 

— 

B4 __ 56 

51 

990 

t 

354 

44S - 445 

305 

013 

17 

4 

Wl - 250 

178 

4557 

12 

4 


- -Cart_ 14W - W « l* 

33 4.18 33 72 DayhBhe- 48 53 33 7J1 72 

S3 498 23 192 9%pcCv 2000-1. £70% — £M £«V 8» 

£8 278 15 129 GUyRn- 136 — 1* -S 

98 79* 29 132 Ctucamric_5 335 "3 ™ ® ** M 

195 M2 54 7.1 OOkJditJ)- 23 - £ 1! 

145 379 42 79 ■Ootoon Paris- S3 — *> 5- 2tf ’H 

57 2454 2LIS 53 Dyoon(J&4- « — "J ff 

508 188J 72 12.4 A_- 57 -2 88 57 U7 129 

21 2.12 29 - BS___— 3» — MM 372 1419 *9 

36 139 222 49 BExfe_ -N M .— 24 10% 7.77 44 

08 489 58 13.1 BSSofllB)- 4 V 3 11« - 

31 113 U - BFW_ 74 -1 85 ST 32M 41 

S 138 - - Bfirirey_ 395 — 421 3M WJ 10 

71 <72 142 - BFemer.-* 7B — M8 7S 314 t 

- - Bfurua ■ <8 — *S1 39 MJ 74 

- 41 Rlelffikn_ 63 — tl 63 151 104 

38 129 miMsN/V_ 40 SI 41 16J S4 

38 139 GS ton_ 14V <h MS 7S 329 109 

128 212 BHBdanUac_ 40V — M3V 59 BU 179 

WhCMphkxts- 1 to 00 51 442 » 

KU Eng_ 130 _ MB 127 409 49 

■Ha rt I in -I «4 144 2329 19 

VM BH a mp ao nlddo- 36% -tt 05 36 229 89 

™ p* 4%pN*Pt_ M — 43 57 894 119 

B ? 7 ?! H^(N)_ a -1 41 IB 17S 6.1 

” *t 137 — 104 116 771 14 

ZD 1SL9 “SSmBi-«■ 118 — W 109 379 4.4 

BMopUneom_ **5 —. 04 90 317 99 

- 48 — *12% *6 1649 SJ 

i4 ‘Ir ■an_ Z34 -2 808 22* 7579 5-7 

«,7 _ 4ones4SWpBan_ *2 — 82 22 188 - 

jl 239 KttBrMfBNKr_ O* — Ol\ £13% 1311 1| 

46 233 Locker(T)_ 17 -1 23 17 170 79 

A * - M _ 18 14 420 95 

~ ~ HSbdt_ 24 _ » 19 151 144 

<30 7G poijytVww_ 38 -% 31 31 309 - 

12 M SSg gw S — *M8 » HU 63 

*4 113 SilmbTli h I’M _ 121 SO M U 

49 78 ■Us&Aled—„ 18 — 22% IS 12* OS 

13 82 Mains_ 35B -5 »« 340 

82 150 Kwpssnd_ 21 — 81 21 

8.1 258 ® - ■'S ’5 

107 Watmee- 18 — 87 « 

_ *PMon bin- 30 — 34 28 


hotels a leisure - Cont 

m 4-or 1992 

£ NOU. Pto - OW- 

7.4 m fleUwta-* "* 3 

73 « tors WAT A- MB — 07 

15 - Booeey 8 HwK4— 008 — JO* 

39 - BBrontWaOtBt— 0% — MV 

M 179 BBocMotfuro—4 3V - M 

- 33 4Caa(UCodHH— W —- ® 


94 193 72 • 

57 107 129 ♦.BOamp» 
372 1419 40 149 «*Wty»* 
[0% 7.T7 44 - ■Bnoeanp 

3 £11 - - 

ST 3ZU 41 • ■ewjwn 

302 1349 39 140 B&Lmdl 


1992 !« ' YU - 

tngti tow Cap Em BTs WE - 

41 30 *90 17 14 - 

22 12 491 - - -Si 

37% £26% 8389 29 158 ^ 

8W 279 936.4 9.1 149 - 

■HI BO 1749 IflJJ - - 

*2C 230 ZU 54 112 SS""" - 

20 S 587 - 3G _ 


U Yttip e c ttode —t 


+V £48% £34% 5281 09 - 2^™"°“- 

— 561 321 5,1*8 13 ♦ ~ 

— 163 19 Ml U 17.7 Sjg£!%£^- 

— 821 579 OJ 52 - Swfofltrt_ir 

-4 254 148 914 23 105 ■***£-**_ 

— £11% E7V 2,431 - - Syttone_ 

_ £90 £70 1181 54 - BTIGrow_ 


£90 _ £90 


365 419 
133 112 


134 1911 
180 111 
234 7439 


_ ij BSecurigaanJ__r 14W +1 172 M 

Una s; MSeiert Appts— S — 12 1V 

65 Sereo--- 683 — -SO S55 

tu 228 ■fSfwrwrd Comp— 230 -3 283 132 

TCT 44 BSheKhMy_IM - 157 98 

los 1 g Warner Howard__ 384 — 337 270 

1GJ1 111 Weipac_ 20 +V 27 19% 

_ 53 Wilts Group_ 18% -% *12 7% 

39.7 19 


98 39.7 

IV 109 
S55 8U 
132 U.1 
98 609 
270 719 


915 18S 14 Plica_ 

419 44 134 A. 

119 40 - SrtxSct__ 

2M - - Sony Y- 

299 44 4 TDK Y.___ 

298 - - Thorpe IFYV)_ 

916 1.5 214 Toshka Y- 

111 IS 146 UnUaraK. - - —. 

439 36 113 tt*lx- 

UB 14 89 Wstn3etect- 

39.7 7.7 11 WhotojatoRtg- 


343 -2 353 310 110 

SB -5 3SB 290 117 

MB _ t34 in 179 

CUV _ CMV £15% 1151 

£16% - ttiy C14V 2987 

91 _ 111 9S 1U 

255 — 287 217 8,117 

268 _ 320 ZU 349 

314 -7 337 260 M9 

Tl _ 13 11 198 

2*5 -12 287 245 349 


310 110 10 1S6 


74 m OThU 
90 lu mSS. 


Vortex Energy Sy»_ 
avopparTlMm_ 


IS li ELECTRICITY 

10 129 

173 Note Pric 


Note Prica 

- 1/China U0M HKS 213 

4.1 ■Easton-□ 27M 

■EastMMands_ 2S9U 


_ *5Gp 315p 5 IBS 

- 4 Ap Ip 

-2 83p 34% p 1.72 

+5 425p 3l9p 1,115 


I CHEMICALS 

*6 + or 19 

31 Notes Price • togh 

35 Ateo FI_£«% £58% £39% 1931 

28 BAbed CcMds_ 175to « 220 

14 ■Anglo U(d__ a%«) — *31% 

- BASF DM- £78 CM 

- HBOC-« 638 -9 734 


tow CapCm Gr% 


ffrans CanPipa_ 78*p _ BUp 


- 519k 675p 3111 

_ 1418p lOIBp 1523 

- 1940 I43p 2S9 

-- 9440 743p 2,456 


BANKS 


W%P 1.72 - HBOC_4 

3l9p 1.115 30 ■BTP_ 

675p 3211 SO BTRNyiex Ai__ 

QIBp 1523 47 BayerDM_ 

I43p 259 - aBrent-_ 

743p 3456 4.7 MitehVlla_g 

755p V354 44 Kami_ 

7pCvPIU9_ 

{Cambridge iso 3— 
■CanMig(W1— 


« 

220 

170 

4564 

10 


■31% 

8 

262 

m 


ES0 

ere 

4538 

B.7 

TO 

734 

596 

3J17 

46 

4-1 

■269 

208 

1904 

55 

-1 

120 

99 

1416 

19 


£81% _£185% £91% 6925 

125 - *153 115 039 

2*8 -0 "34 214 5289 

68 - 95 58 


Note Pncs 

ABN Amro H_ £1JV _ 

AN2 AS_g 139 -I 

■Abbey Hafknul_ 285 -2 

■ASo! tosh IE_ 169 _ 

■Anglo tosh £1_ to 37 _ 

Banco Bilbao Pta_£14 \ at __ 

Banco do San Pti_ £281) _ 

■Bk Ireland IE-1 T50 H 

tok Leumi (UK)— 330 _ 

■EbnkSorUand— >08 _ 

9VpePt__ 118 _ 

9% pc Pi- 122V -% 

387 -7 


■or 1992 HU YU 
togn low Cap Em Grt 

— EUV £12% 3941 6« 

-1 *197% 137 1.700 51 

-Z 317 257 1474 5! 

_ IBS IW 1977 &( 

_ *50 35 4*9 10! 

_ £1BV E13V 39*1 SI 

— £30% £2011 2924 


9%pePf__ 118 128% 104 1189 

9%pcP»- 122V -% 124 V 109 12*9 

■Ban**!- 387 -7 410 2BS 4924 

DarkhlKan Y- 5is _£18% 450 1B.1M 

Deutsche OM- £227 —£264 V £3718,785 

EspWtoSamo- £17% _ £21% £17% 1889 

FtoBank Y_ 048 1104 493 15909 

■HSBC—-W 329 -6 351 236 2,838 

F« *■ Hang tag quote Ot HSBC a, REC0TT ISSUES 

KyowaSanY- 254 — 473 239 % 5993 

UfayM— .. 409 -ff 448 349 4177 

■Midand-0 400 -9 484 Sft*. Via* 

MBSotwIhY- CSV _ C18U £5V 199H 

NbeaTatSBkY- £3% — £8% £3 4980 

Mtau Tst i Bk Y_ 282 _ 592 3*8 1138 

Nat Aust AS- 385 -1 345 297 1782 

■Mai West- 314 -« 3« 251 1162 

ottoman- £155 £180 £130 779 

■Ryl 9k ScottancL- 175 -2 2M 147 *371 

Sahara Y- £4 E7|l £3% 11255 

Sartwa Y- £3,; £9% £4% 14979 

■Standard DarkL. 4*2 -4 518 402 *041 

SunflomoY_ CS/, _ £9A £S 17978 

SunxtntnoTUY- OV _ EBA E3 4941 

■TSB_ 138 44 1B3% 115 2958 

TotadY-£3V EBSI £3% 7Mn 

Torn Tali BUY— 333 783 332 HIT 

WestpacAS_ 122 -1 183 121 *517 

Yasuda Tst Bk Y_ 322 678 309 1551 


BREWERS & DISTILLERS 

+or 1992 


™ aCaufTsiASa_ 

ow Captm Grt P»E Kro«u__ 

2% 3941 66 ♦ Doe hex_1 

137 1.780 59 11J9 ■Bfc 6 EverartL— 

257 1474 53 65 EngetardS- 

154 1977 60 it* toopanColour—. 

35 *44 109 54 ■Erode —- 

3* 39*1 55 64 7pRdPI_ 

Oil 2924 62 60 Hate620(J)_t 

141 6015 50 275 Maw_ 

330 214 69 - TpcPl__ 

7% 1942 5.4 m MHkkSOtt - 

104 1110 105 - Hoedtsi DM_ 

109 1229 105 - nCl- 

255 4924 99 643 aUporte- 

45011184 07 42.1 ■LBtghlnU_ 

37710,785 13 - GpcCvBdPl- 

7% 18*4 19 * ■MTM_ 

493-ULKffl 07 • Montofcsoni_ 

236 1038 40 239 PerstopSKr_It 


£30% £20U 2924 
1H 141 605 
348 330 214 

124 97% 1942 


I — 14 T 

56a) - 73 52 

71 - 83 58 

483 - 478 342 

BV — 15 5 

20 - 45 2a 

182 -7 "227 76B 

80% - £33% £75% 

10n -15 1410 1084 
537 -6 058 532% 

234 -2 328 234 

230 - 230 195 

33 - m 21 

500 - 6H 537 

£19 - £22% £16% 


_■Nadonal Puwar_q 243 

P'c ■Horton_q 3214 


W 


r* Ja «SouBr W8s*ffl__q 38ftd -4 345 
; 5, ■YortaWm-4 343rd -6 396 

3B 150 

,|g ,& 5 ELECTRONICS 

- - +« 19! 

65 109 Mite Price - N« 

- - NUB Beet-- 77 183 

34 fit ■ACT- US -T 197 

64 143 «Aed- 223 — 231 

44 106 * Acorn Comp—_ 33% -% 37 

58 ♦ Admiral- 342 SB 

14 - Aba- IH — 133 


-5 

% 

tow 

150 

topQn 

±523 

-4 

393 

196 

S3U 

TO 

221 

203 

7125 

H 

342 

218 

793J 

-9 

308 

254 

4A5 

-7 

332 

217 

71*1 

H 

257 

188 

3J97 

TO 

3A 

22S 

46U 

TO 

389 

228 

TOM 

—4 

ZH 

196 

1384 

-2 

207 

,43 

15*1 

+1 

108% 

142 

ion 

-3 

3M 

227 

4144 

-8% 

319 

200 

9719 

TO 

3A 

243 

4201 

H 

345 

220 

4003 

TO 

398 

261 

HU 


■Wheway- 

■Wldnay— 
traces (J)_ 


30 _ 34 2fi 

2*2 -1 *88 204 

n% -% >1 i5v 

126 _ US 96 

SO _ 38 20 

38 -2 38 21 

71 _ *180 78 

90 - 81 46 

ST -1 m si 

315 _ 349 256 

20 _ 20 14 

£8% _ £12 CBI3 

72 -1 "88 58% 

83M -6 764 511 

23 _ 49 23 

T74 -4 384 174 

39 _ S3 32 

272 _ 325 231 

TIT _ 131 102 

77 _ 88 55 

2854 _ 300 235 

388 -4 372 260% 

215 _ 238 1 87 

77 _ 90 71 

383 -11 -514 % 286% 

315 - 430 285 

8% - 15 8% 

123 _ 188 124 

114 _ 489 310 

14% -1 30 14 

30 kl 172 240 

21 - » 17 

437 -6 487 360 

487 44 579 435 

a% _ a 2a 

294 -2 -339 210 


78 314 t 318 nwx p etf y— t 
38 UJ 7.4 65 Feirtne Bo at l —t 

63 153 164 65 ■fttlfaghMl- 

41 14J 68 BS *%3Mjtouro-1 

76 3U 169 212 fo ur 

58 BU 176 67 Friendly Hotels- 

51 442 » AT Wren t da —7 

127 403 63 1)3 7VpCvP1—— 
148 Z32J 16 21 2 KHanmoyLets— 
36 223 15 4 H-Tcc Sportt—< 

87 &34 IM -WWIWi- 

IB in 61 - SWUawn- 

118 771 2.4 9 2 JorySHWl.-- 

109 3M 6* 117 BQkOcft——-* 

3 448 - - SVpcCwPt- 

90 MJ 19 33 ■LMW*e-- 

48 1046 57 ♦ WOMta-- 

22* 7S7JI 67 119 WanlW--—* 
22 m -* - Mandarin Orion3— 

3% mi Ul -*fM*W*—-- 

17 170 78 ♦ HOinmeraA&fd-1 

14 UO 95 « 9VpCvPt—- 

651 146 * WAcan- 

3U - 176 fPrka Lek_ 

»V* 63 02 K hS toT 

80.1 42 161 StoBBUcxL— 

160 ♦ 7%pcCvP2- 

62 ,8.4 «*«9ded-a|H)— 

18 24.4 - 

— - BVpCVPf 

13 146 MAepalUaM-— 
23 69 ■Resort Houra_M 

29 15l 5 ■RyanHotebE— 

Hi?; safest 

7$ _ Msmuion- 

42 - ^Surrey-gL 

la 132 ■moroBdl- 

164 - ^Tonxyrnwa LUs_ 

119 118 Tottenham__ 

65 - ■Wemuay- 

4.4 166 Twwiioarr 
64 169 wnS.' 


54 -i a 

_ 798 07 

5~I 888 _ 1891 

r__5% — «% 

__4 3 V — 35 

m _ m 

__ n -1 a 

HZ 81 _ 71 

, t «* — sa 

a_ n a 

_R atari H 34*. 

FR— 889 -a? 180 

U_t 3 10 

n -6 *30 

% 3V _ u% 

m — 44i 

8 — 10 

_r » -6 w»- 

_ 132 -3 *82 

■ _ 143d -11 2*8 

_f 238 _ *288 


7 +V 12 6V « 

a _ **n to iU 

3% 4% 3 IM 

3U _ 41 32 671 

S3 _ 108% 92% **5 

SV _ *U% 2% MB 

24 44 H H » 

172 -6 187 158 IM* 

71 _ IS 78 441 

m *1 20 260 JU 

41% ~% 48 37% 227J 

2% — » IV U2 

70 -2 *123 81 «U 

U2 -0 198 116 372 

20 _ *31 19 352 

m _ 121 115 42* 

20 _ It 19 137 

58 _ 9* 64 8965 

143 _ *299 138 372 

91 -% TU 88V T7U 

137 _ 177 125 12* 

551 -4 772 5*2 17*2 

96 -1 122 91 2185 

4 _ S 3% 143 

88 _ *81% 54 S5J 

29 _ *35 20 HI 

335 _ 5*5 530 1511 

X _ 48 23 %33 

18 _ « 7 2J5 

29% ~% 37 21 318 

20 -4 229 1ST 718 

7 — tt 7 BA4 

2% 4 2V 191 

Z7B _ *95 136 BMZ 

759 -6 HI 70* UB 

85 _ 73 17 141 

92 _ TH 82 W 

3S _ *58 29 M.1 

7% _ 1«V 7V 2.37 

12 -V 34% 12 M* 

119 _ Of no 7J1 


aVESTWn-TOBTS-^ 1 - 

UwcKh £ K NOW 

47 689 69 63 aro0eb»Q2.— 3; 

% 2 $ & E S^=? -n 5 g 

Sl T*S - - Zero Cor P1_— « *» » 'S 

3% WB » 08 ftoRrErtW**- £ ■"? 2 n 

69 HI - - FteOofY GrowN— “ — - ~ 0, 

52 TI67 11 57* BortWT SmMCee- * ^ L 

412 Z7U 17 OS Rrdwy ,»t„- ~ - 3* 81 

« 238 u fin ^-— 2 „ r; 

293 826 IS 173 ****** *- ^ « G 

2V wn * : J — « J 

3% 141 * - ■fryfrteoh-— » .% 2 11 

— m 

an mj 2 J t» TpcO/ixm-— cw —mmvcis^ 

156 1J244 67 417 PeroBQ Cteerrt- 3W* * » " 

< 1U £1 U MteWearglMSk J "f "■ “ 

192 1188 46 192 Warrants- » 

N DU 92 - Vtt —. 

6% MB - - I towgfa rBrUd- * — no 

" S m - i« ^ m « 

32 171 mi 69 Bn*g nwiBe— *»|7 -% as ^ 

B% **1 66 * F%B*q»NVHBe_ K - * “ 

2% 8J3 * U MUtt- a _ W « 

,g la <k8 - ■FtoMflllCIMP SBd -1 72 -57 

,« 16 122 ■ Eton_F 95TO -1 1*7 94 

78 148 92 T&B ZtroDwPL-- 31% ■*% 38% 3B% 


yu Sam 

Gr-i W* Too, 

11 :*« -u a 

«ii - . # 


- ■FtetFbipjtft- 36 - 


3 192 Warn® “* “ 

!2 - FJmxxjEn:_£ T77 .—, U2 132 

- -B^&rFMor- * — « 

i in* 4,% £ m 

.1 m£E5W— 

b « HuBte>>hgDlae— K — 109 B 


U - - 

18 - - 
U 1167-1*0 
43 — - 

23 >67 757 

U St4 <« 

11 W2 227 

1119U Mi 
4.4 - - 

19 TOi -is 

- 16? I 45 

12 1486 U* 

- 67J 119 

12 2012 Tii 

UttLJ no 
M ^71 -81 


57 HI 5«4 ft 
94 IS OBJ Tl 


m 260 XU aa 37 ■fiw^WMCO- BW 

48 37% 277J 65 MO ZerottoPC-38% 

J IV V* - - ra a nto gJto r .i 1« 

•ta 51 HW 52 «2 ■watt-— » 

191 118 372 96 “ £22**- ** 

•31 19 1S2 49 * raertpar roas— m 

HI 115 IM 63 * ■rurok a d*. m 

n 19 >37 *67 3D ■ForetellCd- l 04- 

«t G4 8965 U 17 ■Ste&tMEcK—* 32 

■399 138 872 65 - ^r6Opiate— UJ 

TU 88V 1712 1TO - ■FtelCQ*C*na»o- « 

177 1ZS L22 <4 *04 Wwh- W 

772 5*2 1JB 76 153 MrlUHtfi— « 

192 91 ZU9 tl5 -WMlCoiPte- Ml 


_ -3t » 2M 28 1 787 

_>1%. 70% - - - 

-7 198 101 9J I2M 41 

•2 » 23 - - - 

t5 237 210 13 3468 1U 

-1 m- ■ 170 XX 2113 19t 

-4 flt. I» U M2.6 9? 
4% UB 15* 18 173 4 it* 

— 38- 20% 17 *5D 255 

-2 *171 146 1.11511 3* 

-t tot B3 M 1029 193 


91 zna iijs -1 

3% 143 - - 


131 136 20 
■12 21 SU 
WZ U 167 
141 36 • 


7V 117 267 25 
12 824 - - 

110 721 67 ffl5 


M -2 171 148 

83. -f m m 
u -»i n ta 
« — RS 47 

Ml -7 m 141 

82 -a 1« 62 

87V -V 111 BTij 

42-St C 

7 — U 5 
98 — *B% 53V 
t _ u a 


—_ Ol -II M 

--,18* - 186 

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Aro«„ 28% -% 38 

_ 78% -% 78% 

EnPus 44% -% S3 

__ 12% - 28 

Ghlb 73 -1 K 

_ 79 18 

tete-M UM +1 187 

_ m -3 M 


ra su INSURANCE BROKERS cSZZZZ m -* m S 

46 104 + v 1992 Wd YU ■ ttota_ £87M _ £835 £5*5 

64 47 Note Pdea - MgB tow C*>ta 6ft WE ZoroStoPtf_ 729 -% 138 109V 

* ~ AUx&AlexS_ -i £UH £18% 4842 4.4 - ■Gartm««Vdte_ H — 37% « 

fi tS 7 IlKO vS_ £88 _ £81% E40 vnt 110 - ZwoDtofit_ 78V -% 85% 71% 

” _ Archer (AJJ_M 32 — M 30 7JB TU 41 ■GmtlnGBK.ll 18 — HI 88 

u gj Merry Birch_ M _ 188 75 185 47 B.4 ■GaaCrtlK_ 185 _ 123 104 


IS 518 64 
17 IRQ 225 


27 975 97 
- 567 376 


2X1 - - 

- *38 eir 


12 1424 59 
12 1376 245 


*74 »1 77s 


166 - - 

-1793 715 
16 - - 

386 86-623 


SJ 0 -{Outturn (DG)— 
19 167 HHcaOKCE)—:— 

’ll 164 rS S!” 

205 70 mm_L 

73 • UMiUrlint 


12 ♦ Parvah_g 164 _ 

5* t£t ScftertigDM- £Z48 - 

10 - ■Sutdfie Speak— 7 +1 

05 • ■WairihStoeys— 404 — 

12 70 WoWenhoine- 338 — 

1.4 132 ■VorkaMn_b 317 — 

57 124 ■YuteCatto_ 234 _ 

74 - 

s| CONGLOMERATES 


275 - an 231 

164 - TOO 130 

<348 - £30S£242V 

7 +1 II 4% 

404 - 432 329 

335 — 380 2fifl 


106 - ■AJ p h ame ric_ 

lit - 


5.4 116 ■Bowthorpc- 

82 - BrtThomlon.—_ 

67 169 SGML Micro-- 

47 141 Comp People-- 

48 147 Control Tech_ 

36 - -tCranbrook- 

74 86 ■Cray-G 

0.4 ♦ Denstoun- 

2L3 211 BOipionta-T 

29 198 Dorato Print-1 

19 - war- 


1992 MM YU 
Ngh low Cro&n Gr’s 
IM 58 224 02 

197 (K 2968 38 

231 195 32* 35 

37 6 222 - 

3M 299 367 14 

133 102 544 5.5 

78 15 188 - 

23 WTJ 


y H POOD MANUFACTURING 

59 64 +or 1992 

62 74 Note Price - Hoh low 

81 63 AcatosS Hatch—t IDS -t HI 7S 

63 64 Anmn Trust_T 32 V -3 41% 32 

58 3.9 BAnae Brit Foods a 48*>d -3 471 394 

50 66 Asm FhhBriea_ 1H _ 147 103 

52 103 ■AnmuoroE_ Wl _ W3 85 

54 96 BSNFFr_tWli _£118% G98V 

61 7.1 Batts (SC)- IS* _ W 143 

62 74 Barr (AG)-1 28U - Mi 200 

62 14 OflecaKiJ Crops.__ 93 _ «7 93 

63 76 ■Barisfond bte- 14% _ 27% 13% 

57 IS Mte-feoWes__ 13# _ 21 13 

■Bookar_ 385 -42 480 385 

■Borlftwkks- 31 _ 44 31 

■CadtuySchneppei- 481 +1 499 428 

mj Cart’s MU- 72 - 187 M 


low Cap£oi ft's P/E 
75 364 62 76 


Crisps 93 _ 11 

Ihi- 14% _ 271- 


32 US 
398 UM3 
103 UL7 
8S 714 
£98% 1278 
143 115 
200 344 


II _ US 75 608 47 U KmCWH 

U* _ 111 120 SU 54 Off On 

4 _ 11 i% u» - - s&nxdpi 

SU -H '477 315 au 103 W8 ■Gntoaikn 

130 -Z US 135 OBU 60 73 

■VI _ 1% 0% Ul - -aGfmto$B 

738 _ 2M 138 MU ■ 72 102 Mtetedk. 

188 _ 238 190 «t 32 169 ■Gtaweki 

272 _ 384 283 BU 64 * aSMtitaSt 

£48% —l, £**V £39% IM 35 - ■BoroSOdd 

128 _ US* 119 17J &3 63 ■BweHSte 

3* _ to 30 nj w » tomte 

183 _ 248 160 8811 94 1*2 fte UdM 

288 - ’ 321 205 862 6S Ill tenants^. 

■W _ ZB. « m 172 40 tedtoaHn 

817 _ ZH 1« BU IS Vtl rrmblan 


US _ 123 104 

88% -4% W Tl 

144 — MBV 126V 

W -2 77 62 

0 -1 U 73 

153 -3 178 153 

fl_ 188 91 


64 « KMdtaSteCat. 

35 - ■BoNtrarientaL— 


u -» 
IS -3 
fl_ 

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IE 365 96-6U 

71% - - - 

88 11J 781-155 
104 111 - - 

71 - 1378 4Q1 

»V 34 - - 

62 13 813 213 


” Wtodaor_ U _ 2J 14 41 

aa 86 

If to* INSURANCE COMPOSITE 

?■< . • <■ or 1992 . Md 


—. fill Irtipltof 

- a *5"“*Dojr__-N 
MndmMMPd— 


ranker_ 3*5 -12 480 385 A6; 

■Bortftwicks- 31 _ 44 31 172 

■CafiuySchneppei- 481 4-1 499 428 1271 

... Cart’s MU- 72 - 187 68 491 

JJJ 4CMa-g 102 — 1SI 50 211 

« Catlord-. 451 - 519 *55 UJ 

So r«rt AWV- 141 210 146 *14 

>52 «ranswk*- 181 183 140 114 

33 172 OaUpak_ 383 HO 435 277 3U 

-O -f 316 -4 448 OB 88*3 

>| OarttelS)- 38 - 84 30 IM 

u • Everest_ *18 MB 185 ZU 

“ “ MaUiiMcsJS- W - 18 10 149 

45 71 ■Hnhiy (J)- 80 H 81 53 844 

“ ~ BokkHi Van E- NT - 81 ’ B ITUi 

■ 222 GUmaaftfUMAS-a 88%. _: M 59 8374 

M ,u ■Grand Central- _ 41 38 174 

,7 - ■GreancorolC-£ 2m — 251 233 UU 

M ,ft2 ■Hadewood- IM -3 UO 110 MO 

,7 , .T Mflsdown- 127 +4 “2M 119 880 

IAWSAE- M H 84 33 HJt 

IS MAJ- 117 -1 *14* 106% 415 

w 246 Kaknzl KSh- 50 — M 70 115 

- ~ UmonPart- UO - UB 14C 222 

13 * ■MatOtewalB)- 49 74 _47 «U1 

~ KeaBfl&Kft- £3864 — £871* £3340 4.W2 

^ 125 (fieiaaf-- E3848 __ £3745 £3296 1777 


34 174 mart r 


*109 480 4075 1800 5963 - - 


339 - 380 290 

317 — 388 277% 

23* - *73 210 


63 17.7 MBsctronHome— 
65 161 BscDataProc—r 

10 164 ■Entcrortae Comp_ 

11 144 ■Eurolhorm-_r 


2M TO 2B4 

208 

*719 

Tl _ T3 

10 

1t1 

237 - 303 

227 

435 

103 - 118 

99 

MJ 

207 - 228 

193 

7U 

15 — W 

15 

151 

79 +% 89 

62% 

198J 

17 - M 

ZA - 178 

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178 

1385 

4M TO ‘445 

379 

nu 

935 — 1A6 

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595 

a to M 

1* 

757 

zna to 3M 

233 

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28 

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448 TO SIS 

ZM 

304 


200 544 15 H2 

, ® 1* U « Aegon 

13% 714 — — 

13 248 - 11 CSS 

385 A 67 74 114 C2™ 


Nate Price . MM low Ctefin 8ft 

Aegon R_:_ £U% _ m% £17% U8t S3 

AUanzDU_g £711 _ XM4ES75V UM4 04 


YU- 

8ft WE 
54 7.1 
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au — nr 
u —. 23 

U1 H% 1A 

a% -% M 

11 % - 12 % 


82 U 813 AS 

73 - - - 

IS 14 1862 116 

A - - - 

37% MJ 365-113 
67 - 9*2 28 7 

131 U 1759 2*8 

174 13 1973 118 

92 63 1160 104 

270 24 339.0 153 

35 - - - 

fl - - - 

30 162 36G IM 

22 14 367 265 

96 14 1284 22.1 

88 17 901 61 


29% 24% 


31 174 <7 *14 
428 1*78 34 174 


31 174 4J 214 -. **“ — 2S 

ta 3278 34 174 fiSirss:- SJ SP 

SB rot 72 — BaMeaDft—■— — EMV 

M MJ 24 274 -Cwm ® ^ ™ 

455 184 33 A.7 fP™' 4am - f *! - 

146 *11 104 74 - ,_*> 

ao ZT ”♦ KnMcide«_ -th "S 

to aSTi R2 tM MGRE—2_ 114 -7 Ui 

M 248 1, 3Xfl HUriia DKr_ . . . «% *38% 

1U ZU 42 TOO MteidanBL— « _ 178 

TO S3 - - VUMMeY-g UT EAV 

S3 MX as .‘on MWtamc- Ul H • 273 


£29% -_; £274 ea% tm w - 


_ £55% £47% UM 

-% CMS £21% IM 

__ mV £39% 5015; 


Z77 394 17 ♦ 'AOwenu— » 

3S2 884J 62 109 - 5 - 

30 *48 1.1 324 — “i- 

las iu *2 ms —; iS — 

10 14J . - . - 2"£"Z? -0 OCT 

53 84J . 15 ■ 84.5223S^o*- >" H 

69 ITU 2A 84 “i j 

59 8174 72 »2 2M -4 

38 174 14 » JWttnemUKr^ -£88%- 

233 M84 24 11 jgggW—-- _* ~r 

I1B MU 67 +>• 

119 8867 02 luT/Srl"*- 743 


17% um Ha ¬ 
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S% 5814 17. T-. ... _ . 

m ^ no Bs optJmum- 

M HI _ ZtroDhrPI_ 

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sea uan 9* - *”■*»— - 

w icU '82 - Mteftit- 


*8% _ *17 £8% 

m -4 338% 217 


24 ai 

07 4 HMW. 

92 Bi 




33 1*4 69 63 


140 SU 105 284 
47 8U1 122 7.1 


8-INSURANCE LIFE 


93% S3 42 ' S3 t nim orQIS. 76 

359 USSS. 94 - - . Wanante.- A 

109 fEU’ '82 * — MpidW- 02V 

£7% 2544 - W aited* - 7 

140 111 .44 .163 ■taMimCapL-M 151% 

£24 V 16418 62 - JutHoWog4__» W 

189 1741 63 -Jouete_ a 

n% MU « - (to. H 

217 tan 84 - .rtLften - U 

— 5 

ETO un 65 3 K*ydooa-M ■ 353 

359 Ml M - J" 

KkmwntO*/- 255 

MatkaNdMgptac-M 77 


52 -3 li 

15 -3 24 

85-78 

n — is 

353 -1 <24 

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285 - 258 

77 — 51 


m 

73 

175 

153 

96 

75 

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9 

3/ 

1 

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122 

95 

m 

137 

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63 

18 

16 

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353 

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255 

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272 -6 

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_ EM% 


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in 4 BrtfflteymviNZJ_t 27 H 33 

88 164 CSS AS—^- 178 -2 2T2 

ID J ■CsemSthm— 7% — *30 

CtOngton- 26 -1 M 

Crean (J) Uts l£- 2S8 — 178 

Gianlef-fleru DM_£248% -£*77% 

Minor- 1 U _ 34 

IW Ffcfcher Chga NZXt M -2 1U 

ft P/E Stoves- 33 58 

43 144 BOaode DtmaM— 79 .— 87 

*4 - ■Brampianu- _ . 144 — 191 

45 115 Mtoisan_ 197% -1% 244% 

54 113 9%pcCnv-now -VAU% 

40 * ■ Warrants_ 20 V -% A 

49 10.4 ■Harrtsm 6 Cros- 128 _ 157 

51 * JankneHOgS_ 387 -6 451 

35 1*0 Jourdanm_ 28 — 35 

13 - ■Lonrlto_! 04 +1 180 

42 193 UNBCaotton_ Z23 -2 *3» 

13 160 7 Vp Cv P(_ 113 _ ta 


Note Pose 

■AUed-Lynte- 814 

ArttouMr-Butei 3- £28u 
■Bass-Hi 522 


Buhner IHPI_ 

■Arm SUM_R 


IM -I 

llBd _ 

mi -a 

in _ 

84 H 
75 -I 

3M _ 

427 -11 

371 _ 

186 _ 

467 HO 
14 _ 

an H3 

240 -2 


Macdon Martin A— BN - 

Mansfield_ .B73d -2 

Marrton Tturtp_ 231d -, 

MaHhewCtok—- *38 — 

Winydown_h 378 _ 

Mortand_4M 428 HI 


■Deventoh (JA)—t 

4%pcCvPt- 

■3adnd()ftPop*A_r 

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■WHiler.STA- 

■tend Met-1 

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Greene King._M 

Graavow Girts—H 


■Scott 6 New—q 

Seawam S- 

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■WMbread ’A’- 

iWBahae- 

■Wohr & Dudtoy—t 
Young A- 


378 _ 

<28 HI 

7V - 

432 -5 

CUV - 

175 H 
403 -1 

18 _ 

517 H 

533 _ 

473 _ 


5GB 
£27% 

491 
146 
243 
135 
112 
194 
145 
82 
73 
395 
423 
363 
ITS 
435 
73 
506 
2*6 
»W 
258 
435 
151 
555 
515 
186 
405 
353 
320 

% 

«... 
347 1*16 
18 1.71 

517 3312 
4S3 155 


™ „ ■FonnroToch— Mi. 

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115 ■Graseby- U 

it ~ -iftesttoaTak—a 3 

« " MMiland 8lmon__ 1 

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.] 267 ■toskyne - . — 43 

4 -< “ 4MSTEM-- fl 


-% 39 

-TO 419 

-5 3M 

_ 40 

_ U 

- 14 

H M% 

-HV 242h 

+1 2*7 

+1 42 

TO BBS 


15% 175 89 - 

292 1925 26 214 


227 38L8 Zfl 165 SS! W Z TO 

’* “ ' " BTatelLyto-T IS TO 443 

3 f. s « m St m 

gaaae= s 4 s 

” s s as ses&z to “a 

16 182 115 12 -v — 


580 TO *835 
M H 41 

84 _ IM 

5 — 11 

171 TO 2M 

41 - A 

88 - 72 

MM — TO 
3*2 TO *43 
145 H an 

m — «i 


318 714 13 KS 

485 IM. .18 152 
21 Ul tl ' i 


*2 MS 

6 m 

177 R1 

38 UU 
56 ZM 
202 814 
320 1,141. 
144 AU 
S3 111 


“ ttCewflSyst-- 

“ KbrUMi-G 


3B 13* ■Porto Ctadbum— 

45 125 aneoce_ 

44 - Rnpnw 


85 - 2*5 

54 —.TO 

SV — ?% 

44 - Rnpnw- 184 120 104 

13 125 A-- 192 122 TOO 

72 - BSato Tfcwy_ 5 14 5 

25 1*5 BScol Heritable-- 5 17 5 

30 186 Sine Darby MS_ 58 — 98 €8 

2.1 164 ToflgaWH_ 87 BS 39 

2.7 167 BTtatogar Hse—9 B -< ID » 

08 235 ■ A- 39 TO 151 52% 

05 314 UMtesd_h 1« — IM 118% 

2SS 141 
27 145 

J CONTRACTING ft CONSTRUCTION 

, & 7 +°r 1992 tort W 

97 ina Note Moo • aui tow Cap On Oft 


187 104 

451 259 

35 28 

180 59 

TOO 216 

TO 109 

2*5 92 

TO 32 

3} * 

1» 104 

122 TOO 

14 5 

17 5 

9B ea 

95 39 

IBS 55 

151 52% 

in ii8% 


“ ■MCntrlServa.Rs TO — 

« • ■Cetenzoo-1 

« - Wewasyst- 

* “ KUMMI-G 

* 4Leannonth&6— 

100 ”3 tff SL*- 

74 104 ■Hyiw—--t 

14 ,M WlMTCorop-1 

M “ -{MTUInstr- 

„7 Macro *-1 

JU KMicroioc-e 

22 Were Focus- 

7 > - HKMcrovttec- 

HMsya-1 

m Motyrw-- 

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■ *W J.1 jj pt fft Iw wi 

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iJj tsr=z 


45 *- 

22 TOT 

Z l '|3 ■Ate tX, ^ 

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_ _ BAndreteSytes- 

17 MS BAngbSoc- 

IB 2,£ Ashtaad—g-r 

4 0 193 S* sa S^ n8Iffi '-T 


BUILDING MATERIALS 

+or 1992 

Note Price - high I 

vAtoriuhton- 17 -I 28 

- 106 TO IM 

man _ «* — im 

Batweridoe- H — IK 


35 21% 

437 31/ 

TO -15 


■BueCkde-N TO tlW|! \K 

7%pcCvPI_—. 116 +! 154% 10) 

Bromtan—— 82 -2 in E 

Bnt Dredging- 57 -1 132 BC 

Bril FUUnps- IBS — TO IK 

■HNC- 204 H 249 2D1 

Cakebroad Rob A— 27 — « 26 

Cape- 191 H HI 191 

BdpcCv PI_ 473 TO 635 45C 

•JCrtenato_ 18* H 128 99 

-Mtoby-1 81 _ A 83 

Eowh-9 IBS TO "211 IM 

Eritti- 33 — 54 33 

■Evaed Barden— 31 TO 88 31 

n»Exi8waUV_ IV _ 19 7V 

fFneman_ 125 _ 135 K 

Mite i Dandy A— 23 _ 36 2® 

Grafton l£_ U* _ 141% 113 

■Kanban Wo- 8 — 38 3% 

KehtmE- « — 35 21 >; 

■bpWblh- 317 TO *37 A? 

Hewetson- « — to *5 

■HeywoodWU- 227 TO 388 2Z7 

C» W_ TO +1 181 9fl 

■BHlock Jchnsen- 47 H TO 42 

■ Warranto_ IV H 6V IV 

Johnston_ 163 — 207 1SS 

■Nate_ 07 -% 713% 81 

j4Qngspan £- 88 _ 75V 60V 

lategeFFr- £31% _ £38% £30% 

LamamW)- 145 — 179 138 

LSashal_ 94 TO in% 88 

9dCv PI_ 97 TO 111 88 

■MOTdera_4 212 TO 295 182 

■HuNy_ 95 _ 148 92 

■Uaratafe_-g M M Yl S 

8%pCvPI_ 78 _ TO 68 

■Meyer_ 282 -l 433 232 

Weedier_ 73 _ 83 73 

■NewmwTate_ Hid _ 105 121 

■Phooria_ 24 _ 38 A 

■Wkmgion—- 9* TO TO 88 

4J»tedSMl—— IS _ 41 15 

UPgtypitK_Hi 1« _ 147 109 

Mateltl._- 5V — 23 4% 

■our 489 H 808 473 

-{Ramus-- 83 _ 98 82 

■R afl and_ 433 TO TUB 431 

Brake!-.. -- 05 — Ul 61 

■Rugby______ TO H 238 IBS 

Russell (AJ_ 79 -1 198 75 


tow Cap On 6ft P/E -Marti_ 

9 1-07 — - rainattOcva—J 

10G 151 19 2*6 M O oU w y_ 

127 716J 164 355 nBetwinch- 

61 ZU 68 15.1 ■totally_ 

51 *U B7 269 Belt Bros._ t 

179 TM 61 1U MBim- 

107 12U 9* - ■BoottH)_h 

B2 ZU 75 114 BB & EA_ft 


Pries • an 

tow Cop On 
90 1012 

(1ft 

90 TO 102 

IW 

71 — -91 

70 

1444 

,25 

04% — as 

04% 

648 

60 

0 -1 79 

99 -t-1 128 

82 

98 

ZM 

211 

67 

135 — IM 

125 

MJ 

4.4 

3% — 27 

3 

110 

— 

OB TO '192 

175 

315 

40 

3% +% 4 

2 

342 


100% -1 HI 

85 

«J 

73 

23 *7 

71 

140 

45 

135 MO 

108 

854 

69 

2* 31 

22 

2JI 

-« 

92 v Hf 118 

92 

17.1 

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81 — 80 

un 

433 

44 

47 -M 00 

41 

045 

t 

209 H TOS 

216 

185 

6.4 

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19 

149 

— 

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210 

135.7 

30 

01 — 10a 

51 

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21 to aa 

19 

09 

HUS 

190 TO 223 140% 

514 

30 


25 - *Hearr«_ 

60 li Meawkwl 


B£ aenensi 


48 - A 

% S 5 

■m _ ta 

82 _ TO 

05 H Tl 

105 _ 113 

*V - 7 

85 TO ZM 

47 _ 51 

M _ 118 

A _ 72 

U - M 

4# - 4 

373 -1 ‘491 

205 TO 2M 

41 _ 88 

MS -1 819 

£220 _£243% 

35 _ 38 


£48.1 

448 


aja 

40U 

138 

75 

451 

M 

49 

29.1 

158 

135 

BU 

<9 

37 

652 

AB 

100 

UB 

02 

im 

757 

BO 

52 

MB 

13 

8 

Ul 

23* 

163 

SU 

43 

28 

3.13 

WO 

78 

TU 

S73 

233 

8U 

473 

371 

975 

143 

100 

143 

zsn 

1546 

22*3 

35 

13 

115 

309 

201 

1105 

■s* 

<2 

750 

H7 

BZ 

M3 

23 

IB 

IM 

03 

32 

122 

IBS 

51 

MJ 

BB 

37 

All 

M 

34 

215 

1*7 

65 

142 

A 

48 

IM 


Ml TO Ml 850 7M 

£08% _ £M% £53% fl#7l 

1*1 TO M 319 1|B 

H _ U 12 us 

£37% _ £28% £24% 400 


MS 68 67 
682 t - 
BU HLO 73 
183 10 1015 
US t - 
BU 7.4 65 
LU3 4.6 U 
1U* 67 - 

1U 40 128 
MJ 7 A 15 



-For 1902 ' Md 

Price - Unh ta» CapCm 

MO TO MB 762 Ml 

TO - TO - TOL 100 386.1 

TO -1 *23 317 1J21 

5A TO 741 557 U75 

£31 - C33V £28 U78 

341 H 447 343 2J44 

M| TO 2M 215 29U 


- •» m - ■WroronOVeai- 

kM Cap£m Gft P/E - 

76z mi 4.1 - sHTSSt— 

100 0N.1 18 111 *2*V*f -s - 

317 us 75 - warewts- 

557 un 78 137 UtH American SL— 
£28 un 45 - wananto- 

343 1344 66 118 Law Debenture- 

*15 *838 TA 188 leveraged Opp- 

JSS3S 8?-g. , BB£2^ 

B% 1817 28 - Capita)_ 

305 3B4J■ .44. Ml, mSXSTvJSZ 


26H - £31% £2fl% 1817 

377 -« 305 SOU 


14* -1 

M2 _ 

183 - 

30* - 

29 — 
78 TO 

«% - 

4S9 TO 

Tl _ 

88 - 

34% - 

II - 


|§ INVESTMENT TRUSTS 


18 17J 
127 40 
35 « 


■O ft w rit 1C 
■FyftesHu. 


- i7.7 ftaaos_ 

- - Hunter Saphhu 


_ -i-TDSOrcSs- 3 _ 


Z BTelenreaft- 12% -% 

r? Trace Comps M — 

_ Tunstaa-T 284 — 

» ■Untlech-1 TO —- 

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peak and 36p ofl peak. Ine VAT. 

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V 


MoDo 


FINANCIAL TIMES 

Weekend July 25/July 26 1992 


.World 
i Leader 
I in roiling 
m bearings 


Brown named shadow chancellor as Blair takes home affairs portfolio 


THE LEX COLUMN 


Smith unveils new-look team The yield conundrum 


By Ivo Daw nay, 

Political Correspondent 

MR JOHN SMITH unveiled his 
new-look shadow cabinet yester¬ 
day. leaving only one member - 
Mr John Prescott - at his old 
post of transport at his own 
request. 

As expected, the younger gen¬ 
eration has come to the fore with 
the "inodemisers" - the univer¬ 
sity-educated products or the 
post-war baby-boom - finally 
coming of age at the expense of 
old-fashioned, blue-collar Labour¬ 
ism. 

The leader's two youthful heirs 
apparent - Mr Gordon Brown 
and Mr Tony Blair - topped the 
list, winning the shadow chancel¬ 
lorship and the home affairs port¬ 
folios respectively. 

One of the few remaining veter¬ 
ans. Mr Jack Cunningham, 
replaces Mr Gerald Kaufman at 
foreign affairs. Mr Robin Cook, 
the leader's campaign manager, 
moves up from health to shadow 
Mr Michael Heseltine at trade 
and industry. 

Key jobs were also given to two 
of the five newcomers, with Ms 
Harriet Hannan taking over from 
deputy leader Mrs Margaret 
Beckett as shadow chief secre¬ 
tary to the Treasury and Mr 
David Blunkett taking health. 

Mrs Beckett succeeds Mr Cun¬ 
ningham as leader of the House 
and campaigns coordinator. 

Other women have also gained 
important appointments. Ms Mar¬ 
jorie Mowlam joins the front- 
bench team with responsibility to 
track Mr William Waidegrave's 
Citizen's Charter activities as 
well as covering Labour's wom¬ 
ens' issues portfolio. Ms Ann 
Taylor takes education. 

Mr Smith's opponent in the 
leadership race. Mr Bryan Gould. 



Gordon Brown (left) and Tony Blair: top places in the youthful shadow cabinet 


AjMry 4$/mood 


was appointed as shadow to Mr 
David Mellor at the National Her¬ 
itage department, the job he is 
said to have sought. Mr Frank 
Dobson, highly placed in the 
shadow cabinet poll, will attack 
the government on employment. 

In an unexpected move, the 
new leader has also split the 
functions of the environment 
department, giving Mr Jack 
Straw the top job covering such 
questions as local government 
and housing. Newcomer. Mr 
Chris Smith, takes on the green 


issues of environmental protec¬ 
tion. 

Mr Tom Clarke, the last of the 
new faces, has surprised some by 
replacing Mr Donald Dewar, who 
moves after nine years from Scot¬ 
tish affairs to social security. 

Analysts believe the most dis- 
sappointed of the 18 elected will 
be Ms Ann Clwyd and Mr Mich¬ 
ael Meacher. 

Ms Clwyd, at Wales, was said 
to be hoping for a high-profile 
department. Mr Meacher, until 
now social security, is charged 


with overseas aid - now covered 
by the government from the 
Lords by Baroness Chalker. 

Mr David Clark, until now agri¬ 
culture. is to take on defence. 
Non-elected shadow cabinet 
appointments are Mr Ron Davies 
at food, agriculture and rural 
affairs and Mr Kevin McNamara, 
who stays at Northern Ireland. 

Junior appointments will be 
made at the be ginnning of next 
week with the full shadow cabi¬ 
net due to meet for the first time 
on Wednesday. 


Daimler Benz agrees Fokker deal 


By Ronald van de Krol 
In The Hague and 
Daniel Green in London 

DAIMLER BENZ, Germany's 
largest industrial group, is to 
take control of Fokker, the Dutch 
aircraft maker, in a deal that 
could trigger a restructuring of 
Europe's regional aircraft indus¬ 
try. 

The successful end to four 
months of talks is likely to put 
pressure on other manufacturers 
such as British Aerospace and 
Saab of Sweden to accelerate 
their efforts to find partners. At 


least nine manufacturers are 
chasing customers in an industry 
dogged by overcapacity. 

The total value of the deal was 
not revealed yesterday, but Deut¬ 
sche Aerospace (Dasa), a Daimler 
Benz subsidiary, has previously 
said it envisaged paying up to 
FL lbn (£312m) for the 51 per cent 
stake. 

Dasa will take its stake in Fok¬ 
ker through a new holding com¬ 
pany which will buy the Dutch 
state's 32 per cent holding plus 
FI 500ra of new Fokker shares. 

A 22 per cent stake in the hold¬ 
ing company will be sold back to 


the Dutch state, which will keep 
it for a maximum of three years. 

The holding company will own 
51 per cent of Fokker, with the 
remainder continuing to be held 
by private and institutional 
shareholders. 

Dasa is also expected to sell 
stakes in the holding company to 
its partners in the Euroliner con¬ 
sortium, Aerospatiale of France 
and Alenia of Italy. 

Mr Koos Andriessen, the Dutch 
economic affairs minister, agreed 
the deal yesterday evening after 
an emergency parliamentary 
committee meeting which fol¬ 


lowed a marathon 20-hour negoti¬ 
ating session with the two com¬ 
panies' chairmen. 

The last obstacle was cleared 
when the Dutch government 
backed down over its demand to 
remain a shareholder in the com¬ 
pany until the turn of the cen¬ 
tury. 

It will be entitled to appoint 
one member of Fokker’s nine- 
member supervisory board for 
the next eight years. 

It also won guarantees that 
final assembly of aircraft will 
continue to take place in the 
Netherlands. 


Canadian helicopter order 
secures jobs for Westland 


By Daniel Green in London, 
Bernard Simon in Toronto and 
Robert Graham In Rome 

THE SURVIVAL OF Westland, 
the UK’s only helicopter maker, 
was secured beyond the year 2000 
yesterday with part of a C$4.4bn 
(£1.94 bn) order from Canada for 
50 marine helicopters. 

Westland said last night that 
the jobs of its 6,000 workforce 
were safe as a result of the deal 
It would not, however, be recruit¬ 
ing new staff. 

The deal will also boost the for¬ 
tunes of Westland's Italian state 
owned partner, Agusta. The con¬ 
tract is worth about £500m to the 
two companies over the next 13 
years. 

Weapons and other equipment 
will be supplied by a consortium 
led by Panamas, a Canadian sub¬ 
sidiary’ of the US computer com¬ 
pany Unisys. That contract is 
worth US$1.5bn (£780m). 

“This is the first export order 
for the EHI01." said Mr Alan 
Jones. Westland chief executive, 


FRANKFURT (Dm) 

Fans 

Afl bids- 

Altana__— 

BMW -— - 

Genrahomer- 

Kauttal- 

Porwiw- 

New York (S) 

Falls 

Aon- 

BankAmarica- 

ciuse Man- 

CHicorp —- 

Frank BHjfl- 

wells Fargo- 


World AjMMi S 27 ai 

... «. Algiers S 10 00 

Weather Aiwamm c » 

Athens S 28 02 

UK Today. Rain over SSSim & v a'i 

Northern Ireland and gating f » « 

Scotland will spread jjjSSoa 3 » S 

to Wales and northern genm a 2a 79 

England during the “jjj* ? 2 £ 

afternoon, becoming Blackpool f is m 

light and patchy. Bomnay f jo ae 

Elsewhere it will be J35E I “ £ 

dry with sunny Bristol f 20 88 

periods, particularly In f s “ ® 

the south-east. BuanM aims - - 

Temperarurea ai midday vesierday r Noon GMT temperatures C 


yesterday. “The Anglo-Italian 
partnership has been strength¬ 
ened by the Canadian involve¬ 
ment and it increases the pros¬ 
pects of the EH101 becoming the 
standard aircraft across Nato." 

Other suppliers include: Cana¬ 
dian Marconi, a GEC subsidiary 
(logistics support, analysis and 
electronic equipment); CAE 
industries of Toronto (simulators 
and electronics), Litton Indus¬ 
tries (radar), and Lockheed (elec¬ 
tronic support equipment). 

The Canadian department of 
national defence said yesterday 
that details of the order are still 
under discussion and that it is 
not yet sure when a firm contract 
will be signed. 

It is only the second large order 
for the EH101. 

The size of the order was a 
victory for the defence lobby in 
Ottawa. The Canadian govern¬ 
ment's political opponents have 
argued that the purchase of the 
military helicopters, originally 
required to hunt Soviet subma¬ 
rines, was no longer necessary. 


The deal is a blow to Boeing of 
the US, which had tried to per¬ 
suade the Canadian defence 
department to modernise its 
existing fleet of search-and- 
rescue helicopters. 

Westland said construction of 
the first helicopters should start 
in 1994, with delivery to the 
north American companies for 
fitting out starting in in 1996 and 
the aircraft going into service a 
year later. 

The Westiand-Agusta partner¬ 
ship is now hoping for 25 more 
orders from the RAF and a simi¬ 
lar sized order from the Nether¬ 
lands. 

The timing of the deal adds to 
its importance for the security of 
Agusta, controlled by Efim, the 
Italian state industrial holding in 
the process of voluntary liquida¬ 
tion. 

It comes only a week after the 
Italian government decided to 
wind up Efim. Last year Agusta 
had consolidated turnover of Lire 
672bn, debts of lire 2,000bn and 
carried stocks of lire 1 ,7001m. 


CHIEF PRICE CHANGES YESTERDAY 


Nw York prices at 1230 pm 


635 

580 

52fi - 

274.5 - 

47B - 

504 

10 

10 

« 

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9 

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His** 

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_ 317.9 
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— 552 
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Tokyo (YonJ 


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At 

Tokyo Tungsten-- 540 




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Algiers 

3 

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Cardin 

Amsterdam 

C 

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Alberts 

S 

28 

82 

Cofopne 

Bell rain 

s 

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Copenhagen 

Barcelona 

27 

81 

Corfu 

WO 

F 

2 $ 

84 

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C 

17 

S3 

Dublin 

Belgrade 

3 

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84 

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2 a 

79 

Edinburgh 

Starrier 

n 

18 

GO 

Faro 

Birmingham 

F 

20 

68 

Florence 

Blackpool 

F 

18 

84 

Frankfurt 

Bomnay 

F 

JO 

88 

Geneva 

Bordeaux 

F 

22 

72 

Gibraltar 

Boulogne 

5 

19 

86 

Oiosgow 

Bristol 

F 

20 

88 

Guernsey 

Brussels 

S 

28 

82 

Helsinki 

Budapest 

f 

27 

81 

Hong Kong 

Buenos Aires 


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kins true*. 


-Oeudy Dr-Dftefla F 


28 32 
-Fair Fg- 


Falls 

Him Motors __ 560 

Mitsui Estate_ 2000 

London (Ptnct] 

Rises 

Banec_ 24 

Btedi Arrow_25 

Leamonth & B_ 77 

Mirror Em_72 

TVS Em ______ 131 

Fafla 

Brrt Aiiways_ 248 

Euro Deray_995 

Ex-Lands_11 

Expand tat_ 56 

Ferry Pickering_75 


Inverness 
Hilo of Mon 
Istanbul 
Jersey 

Johann meurg 

LAS Palmas, 

Lh da 

Lisbon 

Locarno 

London 

Lea Angola* T 

Luneoibourg 

Madeira 

Madrid 

Majorca 

Malaga 

Mena 

Manchester 
Mel bourne 

MutooCiiy 
Miami t 

■Fog H-H01I R- 


13At -r |1 2 


Val Tjolle: price cutting 
caused company’s collapse 

Travel group 

Continued from Page 1 


resources," he said. 

The travel industry officials 
said rumours about Land Trav¬ 
el's financial stability had been 
circulating for months. Abta 
it had been receiving complaints 
for several weeks from customers 
whose holidays had been can¬ 
celled shortly before departure. 
Abta told the customers it could 
take no action as the company 
was not one of its members. 

P&O said it stopped taking 
Land Travel bookings more than 
six weeks ago. 


Greene Xing_ 

Grey coal- 

GBE- 

IncbcapA_ 

Kewi Systems _ 

LASM0- 

ML Lata- 

Mortand- 

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13 

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27 

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Seoul 

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30 

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F 

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24 

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Stockholm 

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77 

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Tangier 

s 

24 

75 

New Delhi 


- 

— 

Tai Aviv 

s 

S9 

84 

NewVprtt 

c 

17 

63 

Tenerife 

s 

28 

79 

N<e 

5 

2V 

84 

Tokyo 

c 

31 

88 

Nicosia 

S 

28 

B2 

Toronto T 

3 

13 

39 

Oporto 

6 

23 

73 

Tunis 

s 

32 

90 

OsU 

F 

» 

46 

VataoM 

F 

20 

84 

Paris 

S 

as 

77 

Vancouverf 

C 

13 

58 

Perth 

F 

20 

G8 

Venice 

s 

29 

84 

Prague 

3 

29 

77 

Vienna 

8 

27 

81 

Reykjavik 

S 

12 

64 

Warsaw 

F 

25 

77 

Rhodes 


- 

- 

Washington -f 

G 

23 

73 

Rip if Janeiro 


— 

- 

Wotlingteo 

F 

14 

ST 

Rome 

S 

30 

M 

Zurich 

S 

26 

70 


The UK equity market has had a lot to 
cope with this week; the upward creep 
in European Interest rates, the further 
collapse of the Tokyo market and the 
unnerving hints of renewed hostilities 
between the US and Iraq. Perhaps the 
most significant development, how¬ 
ever, was purely domestic. The ratio 
between gilt and equity yields - the 
traditional measure of equity value - 
fell to its lowest level since the great 
bear market of 1974. 

The comparison has its ironic 
aspects. In 1974, equity yields soared 
because corporate earnings were being 
mauled by inflation. They are now 
being mauled by the lack of it In the 
recent past, a yield ratio as low as two 
- meaning that equity yields were 
half the level of long gilt yields - was 
a foir signal that equities were cheap. 
The ratio is now 1.73. But it is not 
clear that the old relationship holds 
good any more. 

The reason is straightforward. The 
rationale of ERM membership is that 
infla tion should foil to German levels. 
Part of the process of achieving this 
involves punishing companies which 
allow their costs to rise. Gilts are thus 
worth more than before, because they 
need no longer offer an inflationary 
risk premium. Equities, at least in the 
punitive transitional phase, are worth 
less because of the damage to their 
earnings. 

The classic danger here is of mistak¬ 
ing a mere cyclical phenomenon for a 
fun dam ental shift In 1974, there was 
much talk about the cult of the equity 
being dead. In the first six months of 
1975, the All-Share duly rose 130 per 
cent. But the determining factor this 
time may lie at a deeper level- The 
other commonplace assertion at the 
bottom of a recession is that inflation 
has finally been licked. If that really is 
true this time, the valuation shift may 
be fundamental The issue can be sim¬ 
ply posed. If the UK sticks to its ERM 
parity, equities may or may not be 
expensive. If the UK were to leave the 
ERM, they would be a raging buy. 

Japan 

Tokyo investors had steeled them¬ 
selves for disappointment over yester¬ 
day evening’s high-level government 
meeting on how to halt the slide in the 
equity market Hence the 3.4 per cent 
drop in the Nikkei to a. new six-year 
low before the outcome was even 
known. The meeting convened by the 
Prime Minister, Mr Kiichi Miyazawa, 
may have been an empty political ges¬ 
ture of concern ahead of tomorrow's 


FT-SE Index; 2377.2 (-22,3) 


Yieldratlo 

2£i.yeer-0 ytetif 
Wf-ShareyfeSrftf 


-A Indices) 



.*j* f t v-1 » > ■ 1 t 1 t 1 l i t 

' 1380 . 84.88 88 90 92 

SOUKKO(tMMwn - " 

upper house elections. Or the authori¬ 
ties may be genuinely concerned bat 
still unab le to reach the required Japa¬ 
nese consensus on the appropriate 
course of action. 

Either way round, the likelihood of 
further foils has increased as a result 
of the meeting’s lack of result The 
poor outlook for corporate profits and 
the low yield on Japanese equities pro¬ 
vide little natural incentive for share 
purchases. It looks increasingly as if 
some form of official action will be 
needed to lift the all-pervasive gloom, 
but such action will have to be pretty 
determined if investors are to be per¬ 
suaded about the appeal of equities. 

Another government spending pro¬ 
gramme would not suffice. If and 
. when the authorities do decide to act, 
they may have to consider some direct 
help for the struggling financial sec¬ 
tor. At the very least, there would 
have to be a further cut in short term 
interest rates, a point on which the 
Bank of Japan still evidently needs 
some persuading. - 

UK brewers , 

The market must have perceived a 
certain industrial logic behind Greene 
King’s abortive bid fat MorIah4 ; judfr - 
mg by yesterday's 8 percentfell in the 
combined value of the two companies. 
The feet that the bid stiH failed after 
such an apparently auspicious start . 
must be faintly unnerving for the. 
Whitbread Investment . Company 
(W IQ. Despite the outcome, WIC. has 
divested itself of a big enough portion 
of its stake in Morland to comply'with 
the restrictions on- the brewing tie 
which come into force in November. 
But it may npw find it rather harder 


to scale down its 32 per cent stake - 
worth around E65m - tn Marston 
Thompson & Evershed. 

After tire successive failure of the 
assaults on Devenish. iDvefgnnton and 
now Morland. it is difficult tu escape 
the impression that companies in the 
brewing and drinks sector seem 
immune from takeover. It may be that 
large blocks of their shares arc closely 
held by loyal institutions. In the case 
of Morland it may also be that WlC 
was seen as a forced seller and there¬ 
fore that the bid price was inevitably 
pitched too low. Whatever the reason, 
a climate has been created in which 
WIC seems unlikely to fmd a plausible 
predator for Marston who will take its 
holding off its hands. 

An alternative approach will almost 
certainly be needed. The Marston 
stake is the largest holding that 
remains to be tackled before the 
November deadline. It does not lend 
itself to the technical resolution found 
for Brakspear, whereby part of the 
holding was re-atiocatetT between WIC 
and Whitbread and part sold back to 
Brakspear itself. On the other hand, 
conditions do not seem all that propi¬ 
tious for an offering in the market 

Albert Fisher 

The initial 15 per cent jump in Albert 
Fisher's share price yesterday might 
seem a graceless farewell to the man 
who built the company's value from 
almost zero to nearly £ 800 m in less 
than a decade. The snag was. of 
course, that Mr Tony Millar then pre¬ 
sided over the collapse in Us value to 
some £230m in the space of 15 months. 
Plainly, there is scope for new man¬ 
agement to sort out what lies behind 
tiie company’s recent history of spec¬ 
tacular accidents. 

Btit.it may not work like that. The 
hew chairman Mr Stephen Walls, 
recently deposed from Atjo Wiggins 
Appleton, evidently has larger ambi¬ 
tions than running a greengrocer. The 
day-to-day management of the com¬ 
pany is to devolve to the two dhri- 1 
sional chiefs of Europe and North 
America. There is talk of a strategic 
review, involving reshaping the com¬ 
pany through acquisition or disposal. 
There is no talk at all on the more 
pressing question of the final divi¬ 
dend. The company is now drifting in 
a period of transition. Given that the 
previous problem for investors was 
precisely the lack of clarity on what 
was going on, that scarcely seems a 
recommendation for the shares. 


THE 1992/93 PEP 





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SECTION II 


July 25 / July 26 1992 


Why we deserve the 
Games people play 



- DECADE ago I felt a 
passing familiarity 
with a city of faded, 
alluring charm. On 
returning this week to 
Barcelona for. the 25th Olympic 
summer games, I wandered about a 
city remade and felt like a stranger- 
striking up a new acquaintance. 
Gone is the ageing dancehall diva. 
Massaged and made up, powdered 
-and perfumed, Barcelona is rejuve¬ 
nated and ready to strut the boards 
In the greatest show on earth. 

Catalan energy has worked won¬ 
ders of tr ansf ormation In the past 
week.I have ambled past surging 
highways where no highways 
surged before.-I have stood by new 
ports where ships have yet to dock,, 
trundled up hillside escalators to 
vast virgin acres of glass and mar¬ 
ble, and lost myself in entire 
planned suburbs - now home to 
hordes of athletes, officials and 
journalists - that have risen over¬ 
night There is not a lamp s tandar d 
from, which a five-ringed banner 
does not fly, not a hoarding from 
which Olympic sponsors do not 
hawk their wares. Even today, as 
excited crowds swarm over 42 
Olympic venues, the last lick of 
paint Is barely dry on a brash, 
brave and shiny new Barcelona. 

But 1 have found a retreat from 
the growing clamour of Olympic- 
triumphalism. For centuries, the 
Barrio Chino has been a refuge to 
Barceloneses escaping their own 
inbred virtues of mdustriousness 
and level-headed business sense. Set 
in the grimy, malodorous alleys 
lying near -the old harbour, it is the' 
traditional haunt of sailors, pick¬ 
pockets. gourmands, late-night rev¬ 
ellers and a Barcelona demi-monde 
bent on the satisfaction of varied, 
sometimes illicit, appetites. 

In La Plata tapes bar, crowded 
with theatre-goers, I had tart white, 
wine and sardines fresh horn the 
Frill- In the modest Bar Cleo I 
shared magnificent butifarra y 
judias - sausage and beans- •-> with 
ham-fisted workers. In La Pineda, 1 
listened to a Hush-faced tippler, a 
migrant like so many in this bust¬ 
ling city, give passionate voice to 
the songs of his native Andalusia. 
And in the Paloma ballroom; rem¬ 
nant of an ea r lie r age, 1 watched 
elderly ladies flutter their, fans in • 
the warm air and wait coquettishly 
for an invitation to dance the paso 
** doble. 

* * * — . 

The world of Mediterranean sensu¬ 
ality may not have disappeared. • 
entirely under the weight of the- 
new Olympic Barcelona but. even in 
the scurviest bar of the Barrio 


Chino, the influence is inescapable. 

Take the simple relieving of sum¬ 
mer thirst-Ask for a drink rtf water 
here and you are likely to receive a 
bottle of Fontdor, the “official'’ 
Olympic water. Estrella van Damm 
is the beer which officially sponsors 
the Barcelona Olympics. FmxVnet 
is its. official wine- Minute Maid is 
its official fruit juice. And Coca- 
Cola, as no one. can avoid knowing, 
is the official soft drink of the 
Games. Anyone foolish enough to 
boycott official Olympic drinks this 
scorching summer in Barcelona 
might find himself very thirsty 
indeed. 

The commercial hijacking of 
every liquid imaginable is not a 
heavy, charge to lay against the 
Olympic movement. There are 
many heavier. While Barcelona 
roars-into .first gear with today’s 
opening ceremony, the Interna¬ 
tional Olympic Committee is as 
swamped by as many accusations 
concerning the perversion of Olym¬ 
pic Ideals as it has ever been. From 
the pettiness of unprincipled gift- 


the Games. Profits by athletes are 
even further out of proportion, crit¬ 
ics allege. This year Michael Jor¬ 
dan. who is appearing in Barcelona 
with the US basketball team, will 
receive $2lm in product endorse¬ 
ments. So high have the stakes 
become that athletes are willing to 
do anything to win: Britain’s Sports 
Council cites a study claiming that 
more than 50 per cent of interna¬ 
tional athletes would be willing to 
take a drug that guaranteed them 
an Olympic gold medal even If it 

killed them within a year. 

* * * 

Good grief, what has become of the 
world? Have the Olympics become 
so insidious an institution that they 
have caused us to lose our reason? 
Could they, in the age we live in, be 
anything other than what they are? 
Sitting in the sun in the Barrio Chi¬ 
no’s palm-tree-studded Placa Real 
the other day. an ice-cold, official 
drink at hand, I decided to take a 
step back from it all and consult a 
higher authority. 

A weighty and worthy tome by 


They are big, brash, and corporatist. 
And, for a fortnight, they will be 
inescapable. Nicholas Woodworth 
ponders the Olympic omens 


taking to the enormity of unleash¬ 
ing. on the world a bloated, over-' 
commercialised Olympic organism 
whose size and growth is now out qf 
control, the.IOC, it seems, can. do 
nothing right . 

The committee, runs the diatribe, 
is'an all powerful, secretive organi¬ 
sation answerable neither to ath¬ 
letes. nor to world .sports -enthusi¬ 
asts but pnly to Juan Antonio. 
Samgranch, Jts high-handed, dicta¬ 
torial president •••• v 
. Under his rule, critics say, the 
IOC has been transformed from a 
selfless endeavour of high moral 
aspiration into a full-time, 
cut-throat, profit-making business 
corporation. Cities wishing to host 
the Games now pay about $4Qm 
(£20.9m) apiece simply for the privi¬ 
lege, of wooing the IOC with their 
bids. Barcelona’s spending for the 
Games, and new infrastructure 
amounts to $4.58bn. Worldwide 
commercial sponsorship of the 
Games by Coca-Cola and II other 
multinationals stands at SlSOm. 

. Profits from televirion rights are 
-enormous. The US network NBC 
alone has paid $40lm to broadcast 


one Professor Richard D. Mandril 
never leaves my side at these 
Games. Sport A Cultural History 
might be couched in over-academic 
language but it provides a suitably 
hefty counter-weight to the Olympic 
razzmatazz that encroaches on 
every side. 

M AU societies, including our 
own," I read, “require self-disci¬ 
pline, the suppression of aggression, 
and widely accepted justifications of 
the' social order. There have always 
been social ot professional classes 
to interpret the random happenings 
of the universe and otherwise to 
maintain by propaganda and by 
force the existing political order.” 

So far, 60 good. I read on. “The 
prevailing interpretations of the 
cosmic order or theology, in order 
to be made manifest or be given 
concrete visual or otherwise per¬ 
ceivable form to the society as a 
whole, requires symbolically pres¬ 
ented, well-observed public perfor¬ 
mances or festivals.” The good pro¬ 
fessor. I took it, was talking about 
sport “New technologies and new 
political organisations regularly 
result in new varieties of theatri¬ 


cally presented contests that sym¬ 
bolically affirm the correctness of 
. the social oTder that fosters them." 

In dazzling sunshine and 35'C 
heat I found it a mouthful, but on 
further perusal began to see what 
Mandell was getting at. Sport 
evolves as a product of its own sur¬ 
rounding environment; it not only 
reflects the social and economic val¬ 
ues of its age, it also reinforces 
them. Every epoch and every soci¬ 
ety has found a different purpose 
and meaning in sport 

Take the Mesopotamians, for 
example. One of the earliest mili¬ 
tary dictatorships, Mesopotamia 
had no time for adolescent pixies 
waving coloured ribbons on the 
gymnastics floor. The idea was to 
demonstrate the fierceness and mili¬ 
tary skill of the regime in order to 
impress the populace and scare off 
foreign enemies. Thus lion-slaying, 
boxing, and mean feats on the two- 
wheeled chariot were the sports of 
the day. 

Dynastic Egypt, on the other 
hand, had no use for such 
machismo - it lay protected from 
aggression by the desert and devel¬ 
oped a stultified ruling class that 
evolved little over the millennia. 
Pharonic rule gave rise to formal, 
stylised sports generating visually 
and aesthetically attractive recre¬ 
ations - witness didactic frescos of 
slender youths illustrating 122 pre¬ 
cise and elegant wrestling positions. 

On the island of Crete, ancient 
sport was altogether different. The 
Minoans were an aesthetic, pacific 
and theocratic people. They served 
their gods with poetry, ecstatic 
dancing and acrobatics. Leaping 
through the horns of a raging bull 
and then hand-springing from its 
back may sound like simple show¬ 
ing-off. In fact, it was part of a com¬ 
plex, sacred ritual of a highly reli¬ 
gious society. 

In China, a mandarin administra¬ 
tion devoted to the protection of the 
empire’s long borders from maraud¬ 
ing Mongol hordes gave birth to 
sophisticated equestrian arts. In 
Japan, chronic internal disorder 
gave rise to the samurai class and 
the evolution of swordsmanship, 
archery, gunnery and martial arts 
such as jujitsu. Everywhere, in fact, 
even in ancient Greece, sport 
reflected the economic and social 
ethos of its place and time. 

Today, we like to hark back to a 
classical Olympian age when sport 
was pure, idealistic and untrammel¬ 
led by grubby considerations of 
power, money, and a score of other 
modern Olympic bugbears. But 
things were not. it seems, quite like 
that. Winning an event in the 



ancient Greek Olympics meant 
more than earning a garland of 
olive leaves. 

Winning was proof of the favour 
of the gods; such favour meant chat 
the city-state the athlete repre¬ 
sented could proceed confidently in 
the various political, commercial 
and military endeavours in which it 
competed with other city-states of 
the Hellenic world - Olympia, in 
one sense, was the Brussels of the 
ancient world. Idealism was never 
in it, not even for the athlete him¬ 
self who. for ail but the early 
Games, was strictly professional 
and performed for large financial 
inducements. 

England’s industrial revolution 
has given us other gods and other 
sports. It produced the capitalist 
age and sporting events that suited 
the means and ideals of urban mass 
production. Sport became rational¬ 
ised, standardised, measured and 
quantifiable. 

Gone, for example, were the spon¬ 
taneous ball games of the pre-indus¬ 
trial age where, in chaotic melee, 
entire rural populations would run. 
throw or kick a stuffed pig's bladder 


between one village and the next. In 
its place evolved the highly super¬ 
vised. theatrically presented enter¬ 
tainment that today arouses the 
passions of millions of city dwellers 
around the world. 

W hether it is associ¬ 
ation football or 
any other modern 
sport, the evolu¬ 
tion of complex 
rules, team hierarchies and precise 
calculations of times and distances 
lends itself to our market-oriented 
obsession with verifiable accom¬ 
plishment. Such sport, concludes 
Mandell, “not only eased, but actu¬ 
ally promoted, the mental adaption 
of the whole population to the 
demands of the modern world." 

Long after the industrial 
revolution, we are more obsessed 
with acquisition and verifiable 
accomplishment than ever. This is 
the age of the leveraged buy-out, 
the corporate raider, the dramatic 
success and shameful failure of 
junk-bond trader Michael Milken. 
Winning in this society is what 
counts. Why our surprise and 


outrage, then, that sport is a mirror 
image of the world as it actually 
exists? Could drug-pumped sprinter 
Ben Johnson have come into being 
if Milken had not? 

If we lived in a theocracy, our 
sports might be directed towards 
spiritual salvation. If we lived in a 
militarist society, today’s Olympic 
opening ceremony might resemble 
Hitler’s 1936 Berlin extravaganza. 
But we do not. Most of us live in 
democracies shaped by 
consumerism and the trans-national 
corporations that supply it. We like 
Coca-Cola; we like Nike running 
shoes; we like Panasonic VCRs and 
Visa cards. We live in a corporate 
age. with all its benefits and evils, 
and our sport is corporate sport. 
Complaining is no use. If we want it 
otherwise, we will have to change 
the way we live. 

I shall continue to enjoy my 
occasional retreats into the 
anachronistic world of the Barrio 
Chino. But 1 shall also enjoy the 
spectacle of the brash, modern, 
corporate Olympic Games. We have, 
after all, got what we asked for. 

■ More Olympics, page VU 


CONTENTS 


Finance : How to take-the 
financial pain from divorce 


HI 


Small Business: : A beginners’ 
tale from the restaurant.trade ' VI 


Gardening s Robin Lane Fox is a 
thorn among roses DC 


Travel: Nigel Andrews meanders 
through Burgundy " • VIII 


Sport s The homecoming 'of Juan 
Antonio Samaranch VII 


How To Spend It i An exuberant 
Parisian designer in. London XV 



Steve Sonslno meets a priest who la 


for relonned.delinquents 

......... Page X 

Arts 

xvn&xvnr 

Book* 

XVI 

Bridges Chess 

MX 

Crossword 

XIX 

Finance A the Family 

n-v 

Food & Drink 

-x 

Oardenwe 

IX 

How To Spend It 

XV 

QemlittetmiMn 

XX 

Markets 

: H 

Ulmttng Your Own Business 

.... VI 

Monrmg 

X! 

Perspectives 

XI 

Property 

XIII 

Sport 

VO 

Travel 

V!U 

TVS Radio 

XIX 


The Long View/Barry Riley 

Autumn tea-leaves 



A SMALL Island econ¬ 
omy off the northwest 
coast of Europe is try¬ 
ing once again to stabi¬ 
lise its currency. Few 
bat the natives are very 
interested. 

The big picture, 

_meanwhile, is that the 

two global economic giants, the US and 
Japan, are grappling with debt difficul¬ 
ties which will take years to solve. By 
and large Europe does not have a debt 
problem (although Germany seems 
inten t on creating one). All the while, 
the growth focus of the global economy 
Is. s hifting to Asia and the world will 
look a very different place in 20 or 30 
years. 

When Wall Street crashed in 1987, 
there was an obvious parallel, with 1929. 
to fart, this turned out to be seriously 
misleading. What has happened in the 
US in the past five years has not been 
at all Kke what took place at the begin¬ 
ning of the 1930s. Sticking with the 
stock market as an indicator, the Dow 
Jones Average has actually headed 
upwards to new highs, albeit rather 
erratically and unconvincingly, to stark 
contrast, between the September 1929 
high and the eventual low nearly three 
years later the Dow lost 89 per cent. 

Yon can argue that it is what has 
been happ ening in Tokyo that is more 
'directly, comparable with events in the 
US some 60 years ago. During toe 1920s 
the US had been the brash, fast-growing 
star of the world economy, marked by 
soaring asset values and financial 

oxpegflyn a classic stock market bubble 
was created. In Important respects 
Japan fulfilled the same role during the 
1980s. Perhaps the Tokyo stock market 
has collapsed in slightly a more orderly 
way than Wall Street did an those years 
a®), but the Nikkei Average has never¬ 
theless managed to lose 60 pet cent of 
its value in 2V4 years and this week it 
hit another new low. 

The theory of long economic cycles is 
sketchy to. say the least, but there is 
some basis for arguing that human atti¬ 
tudes are. affe cted by whether unhappy 


memories are fresh in the mind or only 
found in dusty history books. In some 
circumstances debt spells disaster - as 
many recent homebuyers in the UK can 
testily - but at other times optimism 
dominates and a wave of confidence can 
lead to the build-up of excessive risk. 

Corporate and personal debt is a 
familiar part of the problem. The newer 
factor in this second 20th century 
supercycle has been the willingness of 
governments to accumulate huge debts, 
reflecting attempts to stimulate eco¬ 
nomic growth and also to meet social 
spending obligations. That is the Ameri¬ 
can problem, and suddenly it is becom¬ 
ing a British problem too, as the minis¬ 
ters at Wednesday’s cabinet meeting 
were made uncomfortably aware. 

In the end governments become 
hemmed In. Last year the British gov¬ 
ernment took the decision to raise 
1992-93 public sector borrowing from 
£14bn to what now seems likely to be 
well over £S0bn. But judging by the 
reactions of the building societies, there 
is little more room for toe government 
to go further into deficit Meanwhile the 
exchange rate is supposedly untouch¬ 
able. taxes cannot be raised, and the 
election manifesto was full of expensive 
public spending pledges. Something will 
have to give. 

Similarly, in the US a reckoning 
awaits after the presidential election. 
Borrowing cannot go on at the current 
level. It is because forced changes are 
on the way that there is a growing 
sense of crisis in the financial markets. 
Things are brewing up nicely for Sep¬ 
tember and October, when these prob¬ 
lems-traditionally come to crisis point 

There was absolutely no alternative 
but that the UK should stay on the gold 
standard in 1931. To devalue by a quar¬ 
ter, as eventually happened in Septem¬ 
ber that year, would be, they said, 
disastrously inflationary and would for¬ 
feit Britain’s economic and political 
leadership. But the Bank of England 
ran out of gold. Indeed the UK had to 
eat humble pie and move down the eco¬ 
nomic pecking order, but the inflation 
turned out not to be a problem. As we 


find ourselves once again perhaps 25 
per cent overvalued a ga i ns t the dollar, 
the potential inflation problem looks 
much more serious: imports these days 
satisfy a third of domestic demand, and 
most would rise in price in terms of 
sterling by the full amount of the deval¬ 
uation almost immediately. 

The flicker of life in the dollar price 
of gold during the past few weeks is a 
reminder that potential currency depre¬ 
dation is not just a British problem. 
Only the Bundesbank appears to be 
determined to fight seriously against 
currency debasement The battle has 
only just begun, but already many 
fainthearts in Britain have started to 
throw in the toweL 

In the US in the early 1930s a bloated 
banking system was allowed to col¬ 
lapse. Today banks in toe US, Japan, 
the UK and elsewhere similarly should 
shrink drasti cally , but it seems unlikely 
that the politicians would tolerate the 
consequences. The British government, 
for instan ce, appears to walk in awe of 
the building societies. The question 
therefore is whether the inflationary 
solution is more likely to be adopted 
this time than the deflationary one: it 
certainly looks that way in toe US. 

The upwave of a long cycle is reached 
when toe debt burden has been reduced 
to acceptable levels and people recover 
confidence to spend and invest. After 
an unpleasant period of adjustment, 
people will once again sell their labour 
at a price at which they can be profit¬ 
ably employed. However, the vigour of 
the recovery depends on how human 
and natural resources, together with 
technological innovation, can be har¬ 
nessed within an encouraging political 
framework. The US led the way early in 
the century, then Japan took over. In 
future the biggest opportunities will be 
elsewhere, perhaps in China. 

The recovery could be surprisingly 
strong when it comes. The London 
stock market doubled between 1932 and 
1936. But there are hard decisions to be 
taken, whether or not devaluation is 
chosen. The problems of a small coun¬ 
try can be fascinating If you live there. 


0 


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V 


li WEEKEND FT 


FINANCIAL TIMES WEEKEND JULY 25 JULY 2fe I992_ 


London 


No covering up 
the gloom 


N EVER mind the 
occasional actress. 
Ministers would 
surely like a pri¬ 
vacy law which enabled them 
sometimes to draw a discreet 
veil over the state of the Brit¬ 
ish economy - and the stock 
market, when it yets into bear¬ 
ish mood. Domestic unease 
about recovery , fuelled by fall¬ 
ing overseas markets, pro¬ 
duced a grim week in the City. 

Joining the ERM was meant 
to banish the terra "U-turn" 
from the lexicon of economic 
policy. So. there was some¬ 
thing both impressive and dis¬ 
quieting about the speed with 
which the government bucked 
down from its confrontation 
with the budding societies. 

Cutting the interest rate 
offered by the new National 
Savings bond was sufficient to 
prevent a rise in home loan 
rates - at least for the time 
being - but the societies 
insisted tliat the government's 
growing appetite for retail 
savings was keeping them 
under severe pressure. 

The societies saw a net out¬ 
flow ot £314m from their 
savings deposits in June, the 
worst monthly figure for six 


By Andrew Bolger 

A rise in mortgage rates 
would have dealt a blow to 
consumer confidence, on which 
so many hopes of domestic 
recovery are now pinned. That 
could not be contemplated, 
given that retail sales were on 
Wednesday revealed to have 
fallen 0.2 per cent last month. 

The government looks 
increasingly boxed-in. The lon¬ 
ger recovery is delayed, the 
more demands are made on 
public spending, with lower 
tax income and higher unem¬ 
ployment costs. 

Concern about the balloon¬ 
ing public deficit also puts 
pressure on the pound. Such 
fears could be eased by Increas¬ 
ing interest rates, but that 
itself would further postpone 
any recovery. 

The government sought on 
Wednesday to reassure the 
financial markets by announc- i 
ing a new policy which will 
keep the increase in public 
spending below the expected . 
level of economic growth. < 

Domestic concerns were not 
the whole story, however. Tur- ; 
moil on the world's currency 
markets started the ball rolling 
downwards on Monday, with i 
the European bourses showing < 
their biggest one-day fall since < 


HIGHLIGHTS OF THE WEEK 


Price 

y'day 

Change 
on week 

1992 

High 

1992 

Low 


FT-SE 1J0 index 

23rrz 

-54.7 

2737.8 

2377.2 

Falls In Tokyo & other world mkts 

Amstrad 

28 h 

-5 

44 

23 

Warns of big losses 

British Aerospace 

192 

-50 

379 

18S 

Placing & financial worries 

Davies & Newman 

20 

-16 

101 

20 

Cash call fears 

Expamet Int 

56 

-29 

158 

56 

Chairman reslgna/profits warning 

Greene King 

467 

-54 

530 

435 

Bid tor Morten d lapses 

GRE 

114 

-23 

165 

108 

Interim due Aug 26 

Harland Simon 16 -21 55$ 16 Recent Mg losses 

ICI 

1098 

-61 

1410 

1094 

General economic worries 

Lucas Inds 

99 

-16 

153 

97 

Profits downgradings 

Mirror Group 

72 

+ 19l» 

125 

49 

Humours ol stakebuilding 

Reuters 

ion 

-153 

1254 

1005 

Disappointment with results 

Tarmac 

66 1 2 

-12 

161 

65 

Fears of govt cutbacks 

Tralalgar House 

Wellcome 

63 

626 

-18 

-44 

165 

1174 

56 

826 

Financial worries 

Sold down ahead of flotation 


MARKETS 


: Indices rebased 

ft5 - •• . 




IMVV, 


the Moscow coup in 1991. 

The chart shows that the 
FTS E-100 index has lost all its 
gains since the election of 
April 9, but it also illustrates 
that London is by no means 
the worst-performing market 
over that period. 

A pattern of sorts emerged In 
the week, with 28-point falls in 
the FTSE-lflQ on Monday and 
Wednesday being redressed 
partly by bounces of just under 
12 points on Tuesday and 
Thursday. But sentiment on 
Friday remained gloomy, with 
the market dosing down 22.3 
points - a fall of 54.7 points on 
the week as a whole. 

Official intervention In 
global currency markets 
sought to check the rise of the 
D-Mark and slide of the dollar, 
a battle which kept sterling 
mainly on the sidelines. But 
Spain’s increase of Its interest 
rates on Thursday left the UK 
as one of the few European 
countries which has not tight¬ 
ened monetary policy in 
response to last week's rise in 
German interest rates. 

That takes us back to the 
London market and its fear 
that the next move in UK Inter¬ 
est rates might be upwards, 
choking off any domestic 


5; • v' 

m 9XL 


Dow Jones 
Industrial 
Average 


i I 




WE 


- ; — fc;: VSI 

Nikkei Average j . 1* 


»• .. i •• 

* v I 


90 1 -i—-* 

8 Apr . May 

8otiw.FTGraow» 18 

recovery. Messages on the 
recessionary front remain 
mixed, with gloom from retail¬ 
ers and the Engineering 
Employers' Federation being 
offset by cautious optimism 
from the British Chambers of 
Commerce. 

Whenever recovery does 
come, it will be too late to save 
parts of Britain's troubled 
machine tools industry. Matrix 
Churchill, a Midlands-based 
group, went into receivership 
only days after Beaver Engi¬ 
neering Group, the Norwich- 
based machine tool-maker. 

Companies reporting this 
week were quizzed carefully 
over how tbey were dealing 
with tough trading conditions. 
Reuters, a stock market star of 
the 29805, was marked down 
savagely after the interna¬ 
tional Informational and news 
group accompanied a 10 per 
cent increase in profits with a 
cautious statement on its out¬ 
look for revenue growth. The 
shares closed yesterday at 
lOllpp, down I53p on the week. 

On the other hand, shares in 
Boots rose after the diversified 
retailing group told its AGM 
that it was "bucking the trend” 
and bad increased sales by li 
per cent since April. 

SmithKiine Beecham, the 
Anglo-US drugs and consumer 
products group, once again 
demonstrated the defensive 
strengths of pharmaceuticals 
by reporting a 10 per cent rise 


Serious Money 


First falls at the 
first hurdle 


W HERE does 
National Savings 
go now that 
FIRSTS interest 
rate is back among equals? NS 
is not used to the harsh glare 
of political examination and it 
Is plain that its role needs to 
be reassessed. 

Opinions vary on the reasons 
for this week’s dramatic cut in 
the rate on offer on the new 
FIRST Option bond from 7.75 
per cent to 7:25 per cent net. 
These can be divided into two 
camps - “conspiracy” theo- 
■ lists and “cock-up" theorists. 
Both are partly right 
The former would claim that 
the building societies con¬ 
spired to blackmail the govern¬ 
ment with their threats of rais¬ 
ing mortgages. They had 
complained loudly in advance. 
This might have been more 
from a wish to maintain profit 
marg ins rather than the fear of 
outright losses. 

Against this, the very large 
de man d for the FIRST bond 
must have taken a significant 
chunk out of the building soci¬ 
eties’ accounts. 

Those who believe it was 
only a “cock-up" by National 
Savings also have plenty of 
ammuni tion- The official com¬ 
ment made at the FIRST 
launch that Its rate was com¬ 
petitive but “not the best" 
proved to be wrong - no build¬ 
ing society product could 
match It, fixed over one year, 
for such a small minimum 
investment 

And then there is the appall¬ 
ing way in which the interest 
rate was cut 

National Savings was within 
its rights to cut its rates with 
almost immediate effect. But to 
do so with such unseemly 
haste on a Monday night, while 
advertisements glowingly pro¬ 
moting the old rate were only 
just off the weekend presses, 
was an insult to investors. 

Applicants whose forms were 
posted on Monday, but which 
did not arrive before midday 
on Tuesday, must feel betrayed 
- even though they are not 


in pre-tax profits. That could 
bode well far Wellcome Trust, 
the charity which is selling 
about half of its 73.5 per cent 
stake in Wellcome, the drugs 
group. The strike price and 
allocation will be announced 
on Monday. 

The largest deal of the week 
came from British Airways 
which is paying $750m for a 
stake in USAir, the sixth-big- 
gest US airline, in a move that 
will create the world's biggest 
airline alliance. BA, which was 
privatised in 19S7. has long 
sought a foothold in the lucra¬ 
tive North American market 

The biggest concern for the 
market - and the government 
- is that economic recovery, 
even when it comes, is likely to 
be very gradual There is cer¬ 
tainly unlikely to be any 
marked turning point in the 
looming dog days of August 
when low trading volumes and 
empty City offices can make 
for a skittish trading climate. 

On Monday, the prime minis¬ 
ter repeated his commitment 
to staying in the ERM, describ¬ 
ing advocates of sterling's 
devaluation as “pessimist and 
defeatists.” This “steady-as- 
she-goes” course might eventu¬ 
ally steer the economy into the 
safe haven of resumed growth 
with low inflation. But this 
week’s scrape with National 
Savings and unsettled interna¬ 
tional markets demonstrate 
that reefs abound. 


By John Authers 

obliged to take the lower rate 
now on offer, their hopes had 
been raised cruelly. 

Regular readers of these 
pages will know that National 
Savings has been offering 
excellent products for some 
years. From the consumer's 
point of view, it is impossible 
to object to this. National 
Savings must continue to offer 
competitive rates of interest as 
the least risky investment tor 
Che small saver. 

But the government's 
savings department must show 
itself to be better organised 
than it was this week if it is to 
avoid losing the confidence of 
investors. And, following the 
cut in FIRST’S interest rate, it 
also must find another way of 
attracting funds. 

To do this, it could overhaul 
another outpost of the National 
Savings empire - premium 
bands. Established by Harold 
MacMillan in 2957, this odd lot¬ 
tery. in which 6.5 per cent tax- 
free interest is distributed ran¬ 
domly, Is now creaking with 
age. Ernie - the Electronic Ran¬ 
dom Number Indicator Equip¬ 
ment which picks the winning 
bond numbers - seems acci¬ 
dent-prone. ■ 

Last month, we printed in 
the Brteftxtse column a tetter 
from a reader who had held the 
maxim um £10,000 worth of 
bonds Jot two years - and had 
not won a single prize. 

We also printed National 
Savings’ response; that he had 
been incredibly' unlucky, as he 
had 10 chances in 11 of win¬ 
ning a prize of same size each 
month. NS went on to say that 
End* was still random. 

This provoked.a flood of 
letters from fellow disap¬ 
pointed bondholders, and from 
statisticians explaining why 
this result proved either that 
Ernie was not random or that 
there bad been-a human error 
.within. National Savings, 

One reader savt’Tmagine the 
entire surface of the earth, 
including the oceans, covered 
in sand to a depth of three 
inches. Every gram wiD. win 


you a prize, except one solitary 
grain. Your unfortunate corre¬ 
spondent seems to have picked 
this one up.” 

The case, for replacing Ernie 
with a more up-to-date com¬ 
puter system is strong. 

The system for distributing 
prizes creaks similarly. At 
present. £9.5ra in premium 
bond arizes remain unclaimed. 
Admittedly this figure covers 
the entire period of premium 
bonds' existence, which 
spreads back to 1957, but it 
does not reflect well either on 
public enthusiasm for pre¬ 
mium bonds or on the effec¬ 
tiveness of chose who run 
Ernie in getting prizes to their 
winners. Plenty of premium 
bonds now lie mouldering 
under beds. 

Ernie might need to retire - 
particularly as he will by 1991 
face competition from the 
national lottery, which could 
be a formidable rival. More 
attractively, he could undergo 
a total facelift 
At the moment, premium 
bonds offer the chance of small 
prizes which barely set the 
heart alight. Even the biggest 
prizes, one of £250,000 each 
month and four of £100,000 
weekly, barely compete with 
the football pools. It might be 
better to continue to offer rela¬ 
tively poor interest rates, (com¬ 
pared with the rest of the NS 
range), but make the system 
more of a gamble by offering 
bigger single prizes. 

There are strong arguments 
why premium bonds should 
offer more of a gamble as they 
do not compete as investments. 
Children would be better off 
with children's bonus bonds, 
while both the index-linked 
and fixed-interest five-year 
issues offer far more security. 
Premium bonds can play a part 
in the National Savings range 
only by offering the (slim) 
chance of winning millions. 

People who did not win 3 
prize would have far less rea¬ 
son to feel aggrieved than the 
people who posted their FIRST 
applications on Monday night. 


GLANCE 


Building Societies National Savings 


Wall Street 


Net receipts l£bn) 
1.5 ■ • * 


Net receipts (£m) 
n.—• 500 



0.5 life.-- 


" Ul3 Apr 1991 

Source BSA 



Apr 1991 1992 

Source: National Savings 


Building societies suffer 
heavy outflow of funds 

These graphs illustrate the story of the week. Building 
societies suffered a heavy outflow of funds in June, while 
National Savings had a good month, before the launch of 
the Firs! Option bond increased their takings still further. 
The Building Societies Association pointed out that the 
outflow did not all go to National Savings - the second call 
for British Telecom shares will have had an effect, and 
there were also signs that many people were withdrawing 
savings in order to pay off debts, including mortgages. 

With°profiv 3 bonds sales boom 

Sales of single-premium v/ith-proiits bonds continue at a 
pher.L—.inal -ats - even ‘.hough the/ cannot quite match 
the sa!ss of >Jat!or. 2 i Savings' First bond. The Prudential 
announced Us resuits for (he first six months of 1992 this 
week which were boosied by £350m taken in by its 
Prudence Bond. The Pru says it is happy with the business 
it is writing and has no plans to withdraw the bond. 

Equity & Law has confirmed that its with-profits bonds wifi 
be available until August 17 - they have not, as might have 
been implied last week already been withdrawn. Its bond 
has attracted more than £300m since launch in February 
last year, and the company wishes to maintain a mix of 
business. Equity & Law may re-enter the market later. 

Smaller companies gloom deepens 

Small ccmpsn.es had ancther terrible week. Share prices in 
smaller companies ha.-e now been failing consistently for 
tv.-c months. Tb? Hosrs Gcvett Smaller Companies index 
(capital gains version) feii 3.69 per cent to 1092.23 over the 
seven days to Thursday. July 23. while the County NatWest 
indet feli by 3.49 per cenl to 869.47. 

Tax guide for pensioners 

Age Concern has published an updated version of Your Taxes 
& Savings - A guide for older people for 1092-93. The guide is 
written by Sally West, of Age Concern England, and Jennie 
Hawthorne, an occasional contributor to the Weekend FT. It 
Includes details of savings, investments and pension provision, 
and how to calculate tax allowances. Available from: Dept YT2. 
Age Concern England, 1268 London Road. London SW16 4ER 
{£4.40 ir.c p&p). 

The FT portfolio 

A decimal pemt was misplaced m last week's article on the 
Weekend FT Portfolio Race. The value of the Lep Group’s 
portfolio ShOUW have read £63.) 9. not £631.95. This has the 
effect ol making the high yield portfolio even more volatile, and 
drops it lo fourth place. The dan board portfolio is second, and 
the experts finish third. 

Greig Middleton 

In the article about Enterprise Zone Trusts last week it was not 
our intention to suggest that the due diligence performed by 
Greig Middleion at the time of the launch of Greig Middleton 
EZT ll in April 1991 was less than thorough. 


T HE GHOST of Sad¬ 
dam Hussein 
returned to haunt 
Wall Street this week 
- even though he is believed 
to be very much alive. 

Saddam's refusal to allow 
United Nations monitors to do 
their arms-finding job in Bagh¬ 
dad brought the possibility of a 
renewed US-led military attack 
on Iraq closer than It b as been 
in the 18 months since the Gulf 
war ended. 

The thought that US forces 
in the Middle East might once 
again face combat sent a chill 
through the stock markets, 
contributing to the 30-point 
decline in the Dow Jones aver¬ 
age on Wednesday and yester¬ 
day's early losses. 

A renewed conflict with Iraq 
- with all the resulting politi¬ 
cal and economic uncertainty 
for the world’s financial mar¬ 
kets - is the last thing US 
investors need. 

The domestic economic 
recovery continues to disap¬ 
point; second-quarter corporate 
earnings have been decidedly 
mixed; international equities 
are in a flux over higher Ger¬ 
man interest rates and concern 
about tbe global economic out¬ 


look; and President Bush still 
looks as if he could lose 
November’s election. 

The markets cannot even 
draw comfort from the thought 
that another shooting match 
with Saddam might revive 
Bush's popularity at home. If 
anything, it probably would 
emphasise how the Gulf war, 
although successful in military 
terms, was an unfinished job. 

Just like the week before, US 
investors had a hard time this 
week coping with all the news 
swirling around them. 

In the past few years. Wall 
Street has developed a resil¬ 
ience in the face of big declines 
in foreign markets. The drawn- 
out crash in Japanese equities, 
for example, created barely a 
ripple in US markets. But that 
resilience is under severe 
stress and has shown its first 
sign of cracking. 

This week. Tokyo stocks fell 
to their lowest levels in six 
years and continental Euro¬ 
pean bourses took consecutive 
tumbles, as did London. 

By the time trading In New 
York opened each day, US 
investors were in no mood to 
buy stocks. 

While each market was 


Saddam’s ghost gives investors the shivers 

T HE GHOST of Sad- look; and President Bush still h •' ■ " . • "i;• \ reaping the unhappy conse- JJ». Morgan all posting si 

dam Hussein looks as if he could lose MOW«IOII68 I Ktausxrsa I. MVOrXKSIO y ’ : \ ■;/ quences of trying to boost sales higher income, 

returned to haunt November’s election. .7- : '■ / ... ■ ■' vwith bargain basement offers. Salomon, meanwhile, j 

Wall Street this week The markets cannot even 9,450-• It was no surprise, therefore, that it has finally movt 

- even though he is believed draw comfort from the thought •, <■■ i'X'V-?,//■ r *.... • s' when Delta, supposedly one of from under the shadow 1 

to be very much alive. that another shooting match . . - //.y 1: *’ ••"H:.; £ the most secure of the conn- year's bond trading scan 

Saddam's refusal to allow with Saddam might revive » "'&L i. try’s troubled carriers, reported the highest 

United Nations monitors to do Bush's popularity at home. If . JL> fiy rTH % • • * yf>=..•/'■’ unveiled a S265.4m second- monthly operating ear 

their arms-finding job in Bagh- anything, it probably would ' ... /T /V\/. .7. ■ • quarter operating loss on ever recorded by a pul 

dad brought the possibility of a emphasise how the Gulf war, fc / ■■■ M7r , V , , ” :' " 1 ' ."V : Thursday. quoted US securities hou 

renewed US-led military attack although successful in military 3360 I—-' To compensate for low pas- Salomon’s stunning 

on Iraq closer than it has been terms, was an unfinished job. •* *. ; .*. . 1. > JF 'll" 4 *', . i / ■ senger-mile revenues, Delta is comes just three quarters 

in the 18 months since the Gulf Just like the week before, US ' A-'.-V "J;l f. ;*!■ taking the knife to its cost the company was laid lov 

war ended. investors had a hard time this ; :Yl -a-: IV,I f ••y.-.J.W'.V- ; - A- • base. The airline plans to cut almost laid nuti hv th. h 


6ow»:auumam , ■ 7 „" 

responding partly to domestic 
influences, tbe domino-like 
losses from Tokyo to New York 
were Incurred against a back¬ 
ground of deepening concern 
about the global economy. 
Investors everywhere are wor¬ 
ried that the rise in German 
interest rates could stifle 
already-weak economic growth 
in Europe and the US. 

The fact that ll of the 


. . u [ y •• 

v- ; ‘Vx _ 

■Jurte-ys Vy-.'-'duly:'’ ”.. 

world’s central banks, ted by 
the US Federal Reserve, had to 
intervene in foreign exchange 
markets this week to prop up 
an ailing dollar only added to 
the mood of crisis. 

That is a word with which 
the bosses of US airlines must 
now be very familiar. 

After a vicious price war in 
late spring and early summer, 
all the major operators now are 


reaping the unhappy conse¬ 
quences of trying to boost sales 
with bargain basement offers. 

It was no surprise, therefore, 
when Delta, supposedly one of 
the most secure of the coun¬ 
try’s troubled carriers, 
unveiled a $265.4m second- 
quarter operating loss on 
Thursday. 

To compensate for low pas¬ 
senger-mile revenues, Delta is 
t akin g the knife to its cost 
base. The airline plans to cut 
its workforce by 4,000 (5 per 
cent of the. total) and convert 
an unspecified number of 
full-time positions to part-time 
status. 

Another big carrier, USAir, 
also announced a sizeable sec¬ 
ond-quarter loss ($8<L9m) and 
also blamed the red ink on the 
domestic fare wars. 

At least the struggling 
USAir, which is Labouring with 
debts of more than $2bn, was 
thrown a lifeline on Tuesday in 
the form of a ¥750m investment 
by British Airways, which will 
take a 44 per cent stake. 

■ There was brighter news on 
the corporate front elsewhere. 
Bank profits continued to 
improve with Citicorp, Chase 
Manhattan, First Chicago and 


JJP. Morgan all posting sharply 
higher income. 

Salomon, meanwhile, proved 
that it has finally moved out 
from under the shadow of last 
year's bond trading scandal It 
reported the highest three- 
monthly operating earnings 
ever recorded by a publicly- 
quoted US securities house. 

Salomon's stunning feat 
comes just three quarters after 
the company was laid low land 
almost hud out) by the discov¬ 
ery that it had ri gg ed Treasury 
auctions in 1990 and 1991 to 
bypass government rules. 

It was achieved partly by 
piggy-backing the steep yield 
curve to a big increase in inter¬ 
est income, and by recording a 
strong performance from its 
bonds and derivatives trading 
businesses. 

The outcome was a promis¬ 
ing debut for the company’s 

new chairman and former chief ffta 
legal adviser. Robert Denham. 

Patrick Harverson £ 


Monday 

Tuesday 

Wednesday 

Thnraday 

Friday 


3303.0 - 28,64 

33WL41 + 6.41 
3277.®! - 30.8 
3290.04 +12.43 


The Bottom Line 


Gleeful BA faces risks with USAir deal 


“ALBUQERQUE to Omaha? 
Certainly, madam. Here’s your 
British Airways ticket.” 

The year is 1997 and bard 
Marshall of Hatton Cross runs 
the world's biggest airline net¬ 
work. It is five years since BA 
invested $?50m - at a Mickey 
Mouse exchange rate - in 
USAir, a huge domestic US car¬ 
rier. 

S7S0m? The combined airline 
makes that much money every 
three months noa... 

I T IS this kind of fantasy 
that on Tuesday drove 
Lord King of Wartnaby 
and Sir Colin Marshall, 
the men who run BA in 1992. 
to make their biggest corporate 
move since their company was 
privatised five years ago. The 
8750m is buying 21 per cent of 
the voting rights and at least 
32 per cent of the equity rights 
of USAir, the heavily loss-mak¬ 
ing US domestic airline. 

For King, in particular, the 


deal is a dream come true. He 
has nursed his vision of a 
global airline for 11 years. 
Twice, that dream was shat¬ 
tered: in 1989, when talks with 
United Airlines, the US num¬ 
ber two, collapsed; and earlier 
this year when a merger with 
KLM, the Dutch carrier with a 
stake in Northwest Airlines of 
the US, fell through. 

King, Jess than a year away 
from retirement as chairman 
to become BA's honorary life 
president, has cause to be 
pleased. In some ways, USAir 
is an even better partner than 
United or KLM would have 
been. BA gets almost unparal¬ 
leled access to the vast US 
domestic market with almost 
no overlap on its international 
routes. USAir’s strength is on 
the eastern seaboard where 
two-thirds of Europe-bound 
transatlantic passengers live. 

USAir’s president should be 
even happier. His airline is fiat 
on Its tack, having lost 8837m 


British Airway* 

Share price {pence) ; . y ; - 
300 


2Q0-T=Bk~^-rr 


ISO I J 


1987 • •. 

aottrcs.cwBsVMOi;' '? ■. :: .■£».' 


... - „ Y’fss'Sj- *• . : v *j •*. : 

. ( T f’ -V.' 

** ■ ■ ' «’..z a «t > < > 


over the past two years. BA’s 
cash will cut its debt from a 
ghastly 367 per cent grating to 
a soothing 50 per cent. 

Even their aircraft look simi¬ 
lar. spot a blue, red and silver 
Boeing and'it will probably 
belong to USAir or BA 

Already, the two companies 


have established an "integra¬ 
tion committee" to determine 
what can be done to merge 
their marketing, finance and 
maintenance. Linking frequent 
flyer programmes is a top'pri¬ 
ority to compete with United 
and American, the big two US 
carriers. 


The cost savings that could 
result bring with them the 
hope that BA’s profits’and 
share price might maintain 
their extraordinary recession¬ 
bucking trends. BA Is now the 
only large airline in the west 
em hemisphere that is making 
serious money.' But, despite 
Eng’s protestations to the con¬ 
trary, the dealhas risks. 

' BA is' not buying ordinary 
shares in USAir, but convert- 

Jtes. These pay BA interest at 

7 per cent a year until conver- 
rion, after which BA takes its 
rat of USAir’s profits or losses, 
pat conversion is likely to 
happmi in five years’ time, so 
BA s bet is that USAir’s profits 
wiiThave returned to rude 
health by-them That, however, 
depends as much on the for- 
tows of the US airline indus- 
.as on management skills. 
And it is an industry on which 
USinvestors themselves have 

been unwilling to take a bet in 

recent months. 


A share’ sale by GPA. the 
world’s biggest aircraft leasing 
company, was cancelled last 
month when us investors got 
Ttey were worried 
that US airlines were losing so 
much money in their bitter 
pnee wars that they would not 
be able to pay the lease fees. 

Only this week, USAir itself 
repeated it had lost S85m in Its 
second quarter, and the larger 
Delta Air Lines lost $l80m In 
me three months to the end of 
June. Even King’s crystal hall 
er^Qve years ahead, 
SSJJA shar es suffered on 
as investor recog- 
“serf the deal s uncertainties. 

At tins month’s annual meet 
BA’s shareholders rushed 
5 ““Sratulate King and Mar¬ 
shal on their profits record, 
pey may have the great 
Passenger to 
ton* if they still feel good In 

Daniel Green 








FfNANCEALTIMES WEEKEND JULY 25/JULY 2$. 1992 


WEEKEND FT 111 


FINANCE AND THE FAMILY 


w omen s pension woe 

Scheherazade Daneshkhu on why mothers need a pension panacea 






.. .. 


mi * _ 


M ost women. 

confront a basic 
difficulty when- 
saving for a pen¬ 
sion If. they are unable to pay 
premiums constantly through¬ 
out a working career, Hie size: 
of the pension entitlements 
will be reduced. 

For women who intend to be 
in foil time work and remain 
childless throughout their 




ucts, have targeted women and 

- hi g hli g hted shortfall^ In both 
occupational and state pen¬ 
sions to push their own prod¬ 
ucts. . - • 

. But personal pensions, while 
moire flexible than most occu¬ 
pational schemes, are not the 
panacea to a woman’s pension 
problems. This flexibility boils 
down to the ability to stop con¬ 
tributions and, restart them at 


working life, this is n ot a prob- a future date without having to 
lem. But for the majority who incur new start-up charges. 


take career breaks, the size of 
.their anal pension will be 
smaller than a working man’s, 
whether the pension is paid by 
the state, their employer, or an 
-insurance company. 

The number of working 
women has been increasing. 
Last year 71 per cent of women 
were economically active and 
although most of them were In 
full-time employment, a large 
minority - 43 per cent - were 
In part-time work, where the 
Tight to an occupational pen¬ 
sion scheme if a company has 
one, became law only in 1988. 

When most pension schemes 
evolved, women were seen as 
dependent on their husbands. 
However one in three- mar¬ 
riages now ends in divorce In 
the UK. in such cases, a wom¬ 
an’s right to her husband's 
pension is usually relinquished 
(see the accompanying article). 

Yet, arguably, women need 
larger, pension provisions than 
men since they live on average 
four-years longer. 

■ State pension. Social secu¬ 
rity in the UK provides a pen¬ 
sion equivalent to only 18 per 
cent of average earnings, 
according to Noble Lowndes. 
For many women, this is the 
pension on which they rely in 
old age. 

The full state pension is 


However these pensions, 
with high fixed charges, are 
not cheap. "An appropriate 
personal pension on Its own 
will not give yery different 
benefit from. SEEPS, and.so is 
unlikely to be adequate on its 
own to give a comfortable 
retirement,’' says the Equal 
Opportunities .Commission. 

Even with a "flexible” 
pension, a .woman cannot 
avoid the basic fact that when 
she stops contributing to the 
plan,' . her' final pension 
entitlements win be reduced. 
The longer she takes off to 
bring up children, the worse 
the effect on her pension. 

London Life estimates that a 
30-year-old woman starting a 
personal pension with TwnwtWy 
payments of £100 gross would 
accumulate a fund at 
retirement at 55 years of 
£187400. This assumes .a yield 
of .13^ per rent If she takes a 
five-year break between 35 and 
40. years, the size of the fund is 
reduced -by 29 per cent to 
£119,000. 

The. EOC found one of the 
most , severe, drawbacks of 
pereonal pensions to be their 
inflexibility in terms o£ "fining 
gaps in paid employment”. 

“Contributions can only be 
paid for from, earnings and 
although there is scope for 


£54.15 per week for the 1992/93 forms of. insurance, the only 
tax year. The full basic state, -real'answer is to save even 


pension is dependent on the 
number of years over which 
National Insurance Contribu¬ 
tions are paid. 

Sen*, toe state eamings-re- 
lated pension scheme, which 
tops up the basic pension, is 
available only to employees 
and, as Its name suggests, Is 
related to the level of earnings. 
■ Private plans. These have 
become more flexible.: Insur¬ 
ance companies, keen to find 
new markets for their prod' 


more money while at work. For 
women who . experience 
substantial gaps . . In 
employment, whatever the 
reason, the shortfall becomes 
impossible to bridge." 

- Women should also beware 
of unsuitable policies. In the 
1988/89 . tax year, the 
department of social security 
said that 63,000 women with no 
earnings had been sold 
personal pensions while the 
EOC concluded that 250,000 


women were sold personal 
pensions when they would 
have been better off in Serps. 
■ Occupational schemes 
A good occupational scheme is 
arguably one of the best 
pension schemes available. It 
can give the employee death 
and disability benefits with 
contributions from both 
employer and employee 
attracting tax relief. 

A scheme that gives 
two-thirds of final earnings 
after a working lifetime can 
provide' a comfortable pension 
but again, this will be affected 
by career breaks. Not all 
employers operate pension 
sch e mes. 

The 1989 General Household 
Survey of the Office of 
Population Censuses and 
Surveys showed that 40 per 
cent of women part-time 
workers were with employers 
who did not have a pension 
scheme and only 11 per cent of 
part-time women were 
members of a scheme when 
their employers had one. 

Women can supplement their 
occupational, scheme with an 


additional voluntary 
contribution. Rob Gaines, of 
NM Financial Management, 
advises checking the contract 
allows for contribution 
holidays and that there is no 
double charging or penalties 
for stopping and restarting. 

One improvement is on the 
way. From January 1993, it will 
become compulsory for 
employers operating a 
contributory pension scheme 
to make maternity leave 
pensionable. 

In spite of the flexibility hype, 
pensions for women are still 
inadequate. 

The conclusion of the EOC 
report was that the best way of 
reducing poverty for women in 
old age is to Increase the level 
of state basic pension, since it 
is not linked to an earnings 
record. Since there is little 
likelihood of this happening, 
for the meantime, the best 
alternative for women is to 
lobby for greater flexibility in 
occupational schemes. 










?.£*£.V> 










-v -. • .: :V:«iyV-V-"" 






■ Employers 
pensions, page V. 


sweeten 


'e-MS :*- -*.- v;. 


T HE DIVISION of assets after 
-a divorce is one of the most 
fiercely-contested areas of 
family finance. For most 
.married couples, the husband's pen¬ 
sion rights form the most valuable 
possession after the family home. 
Where the house is still mortgaged, 
its net value often falls below that of 
the pension. 

More than one-third of UK mar¬ 
riages end In divorce. Yet, the law in 
En gland and Wales pension 

rights are dealt with at the discretion 
of the courts. While discretion can 
provide a desirable degree of flexibil¬ 
ity, it can also lead to uncertainty 
and apparently idiosyncratic judg¬ 
ments. 

By contrast die law in Scotland is 
dear on the division of the pension 
spoils. Under the Family Law (Scot¬ 
land) Act 1985 "matrimonial prop¬ 
erty” specifically includes toe propor¬ 
tion of pension and insurance rights 
accumulated during the marriage 
and. In most cases, these must be 
divided equally between the partners. 

However, even in Scotland, there is 
semi to be a need to revise toe law to 
include a fairer method of splitting 
the pension rights other than 
through cash or instalment payments 
awarded by the courts. 


Dilemmas of divorce 


The UK government is under pres¬ 
sure to clarify toe law on pensions 
and divorce. In recent years, several 
eminent authorities have put forward 
proposals but perhaps toe most influ¬ 
ential of-these is the Pensions Man¬ 
agement Institute (PMI) working 
group on pension and divorce set up 
in Febraary. The group draws on the 
expertise of the legal profession, the 
government, pensions experts and 
consumer organisations. 

In April the group issued a consul¬ 
tation paper inviting evidence by toe 
end of June. The group will present 
its findings early next year and rec¬ 
ommend toe most appropriate form 
of new legislation. 

Sir Alec Atkinson, chairman of the 
working group, identified four 
options for dividing pension rights: 

■ A cash payment (or its equivalent) 
from toe partner with toe most valu¬ 
able pension rights; 

■ A transfer payment from the 
scheme of the partner with the most 
valuable pension rights, to create 
new rights in a separate pension 
scheme for the other partner; 


■ Achievement of this by reallocat¬ 
ing benefit rights within the original 
scheme; or 

■ Earmarking a proportion of the 
benefits of the partner with the most 
valuable pension rights so that this 
proportion will become payable to 
the other partner on retirement. 
Whichever method is selected as the 
basis for new legislation, toe ques¬ 
tion remains how pension rights 
should be calculated. 

Occupational schemes in the UK 
are either on a "money purchase” or 
a "final salary” basis. Under a money 
purchase scheme contributions are 
invested to build up a fund which, at 
retirement, is used to buy an annuity. 
With this arrangement it is relatively 
simple to split the accrued pension 
rights since an individual pot of 
money can be identified. 

However, most pension schemes in 
the UK are on a Anal salary basis 
where it is more difficult to calculate 
accrued benefits at a given time. Typ¬ 
ically, under these schemes an 
employee builds up a pension at the 
rate of 1/GOth of final salary for each 


year of service up to an Inland Reve¬ 
nue maximum of 40/60ths, or two 
thirds final salary (in some cases sub¬ 
ject to a final salary limit of £75.000 
for the current tax year.) 

Sir Alec said: "There are two meth¬ 
ods by which actuaries arrive at fig¬ 
ures in this area - one to arrive at 
the transfer value or cash equivalent, 
and toe other to arrive at the past 
service reserve." 

The transfer value or cash equiva¬ 
lent is calculated when an employee 
changes jobs and leaves toe former 
pension scheme. Past service reserve 
is calculated in bulk transfers when, 
for example, the company has 
changed hands and the employees' 
pension rights are transferred into 
the new employer's scheme. 

While pension scheme members 
might feel more comfortable with toe 
notion of a cash equivalent, this is 
usually worth less than the past ser¬ 
vice reserve. This is because the 
increases in the preserved pension for 
early leavers, which are used to cal¬ 
culate toe cash equivalent, are lim¬ 
ited by law to a maximum of 5 per 






cent per annum, whereas full salary 
inflation is assumed in the calcula¬ 
tion of the past service reserve. 

While the PMI attempts to create 
equitable and practical legislation for 
pension rights on divorce, you should 
understand your rights under the 
current law. Anyone contemplating 
divorce should seek legal advice on 
pensions aspects. 

It is not only private or occupa¬ 
tional pension rights that are affected 
by divorce. Under toe basic state pen¬ 
sion system a divorced woman who 
does not have a right to a pension in 
her own name can still claim a Cate¬ 
gory B pension under her former hus¬ 
band’s National Insurance Contribu¬ 
tion (NIC) record. 

However, if she remarries she loses 
this right and must claim under her 
new husband's NIC record. Moreover, 
the divorced woman has no rlaim to a 
state widow’s pension on the death of 
her former husband even if he was 
supporting her financially at the time 
of his death. 

The rules under the state earnings 
related pension scheme (Serps) are 
equally harsh since all benefits, 
including a widow’s pension, are lost 
on divorce. 

Debbie Harrison 


war. 


war, 


■.sgi-: 


S&y 


i-Jx&k 


.■ 





If sii^boc^i rea^ for!future, we are. 

• V , i‘. 1 , • V " v • * , 

• • • •• ?✓. - * vr: ? y * • .v*V # . 

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OvtSVtHi^tast fifty years,* we at Henderson have learned to cope 

•.•'it • .*• J i'y- 

the-^ti^xpected. V- v 

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WhieJV'.is why Hcnderso^tjjycstment trusts have consistently I III 
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The H en^^p n Coltecti©a,;p fTe rs a eoYiYpriehensivc choice of investment 
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And we’ll help you prepare for the future. 

I Please remember that past performance Is not a guarantee of future returns and an Investor may not get back the foil 

amount originally Invested. The-value, or dtarc*. and dw income from them, may go down ai well u up owing 10 markci 
and currency movements. 

kuoed by Henderson Flnandal Management Limited, 3 fc/ubury Avcouc^ LondonHCZM 2 PA. A member oflMRO^ _____ 
Please scad me details of the Henderson Collection. 


V / 

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Mr/Mrs/Miss 


Fortmmc(sj 


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1 ^ 


HENDERSON 

TUI INVESTMENT MANAOBRI 


Post t* Investor Servioe* Dept., H«d««n financial Management Ltd., FREKPOST, PO Bov 216, AYLESBURY. Bocks HP20 IBR SlFTlj 


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11 II 11111 III 


THE INVESTMENT HOUSE 


A 






















jv WEEKEND FT 


FfNANCIAL TIMES WEEKEND 


FINANCE AND THE FAMILY 


T HE possibility of a mortgage 
rate increase in two or three 
months has not gone away, 
even though building society 
rates look set to stay around 10-75 per 
cent for the rest of the summer. 

The government’s decision on Mon¬ 
day to heed protests and reduce inter¬ 
est paid on the National Savings First 
Option bond came just in time. 

Alliance & Leicester and Abbey 
National were within hours of 
announcing rate increases in line 
with the proposed Cheltenham & 
Gloucester increase from 10.75 per 
cent to 10.99. Had they moved, other 
societies certainly would have fol¬ 
lowed. 

C&G responded by withdrawing its 
proposal. But trimming the interest 
paid on the National Savings bond, 
introduced on July 7. does not solve 
the lenders' problems. 

If the squeeze on their funding goes 
on. the societies will have to offer 
investors more attractive rates. They 
can do this only do if they put up 


Mortgage rates threat remains 

Societies may have no option but to increase them eventually , says David Barchard 


their mortgage rates. In June, a 
month before the new bond was 
launched, £314m flowed out of the 
societies. 

Meanwhile, disgruntled borrowers 
might bear two things in mind. The 
first is that the 10.7 per cent rate 
prevailing in the market now is, effec¬ 
tively, a discounted rate. It dates back 


The second point will probably not 
have to be spelt out to anyone who 
has a mortgage from one of the cen¬ 
tralised lenders rather than a building 
society. 

For the past four years, they have 
consistently charged their mortgage 
customers more than the building 
societies, but the gap between their 


Forget about paying under 11 per cent. With 
a few exceptions , most companies charge 
well above that to their existing customers 


to February when the larger lenders 
moved their rates down, expecting the 
banks' base rate to drop soon after¬ 
wards. 

Since then, they have kept their 
mortgage rate about 0.7 percentage 
points above base rate. Yet, histori¬ 
cally, mortgage lenders normally have 
pitched their rates at around I or 1.25 
percentage points above the base rate. 


interest rates and those of the societ¬ 
ies is wider than ever just now. 

Where centralised lenders are con¬ 
cerned, you can forget about your rate 
being 10.7 or 10.99 per cent. With a 
few exceptions, most mortgage com¬ 
panies charge rates well above ll per 
cent to existing customers. 

Bank of Ireland Home Mortgages. 
Bear Stearns and UCB Home Loans 


all charge 11.5 per cent or more. 
Household Mortgage Corporation, 
Citibank Mortgages, BNP Mortgages. 
Legal & General Mortgage Services 
and Mortgage Trust levy rates 
between 11 and 1L45 per cent. 

There are some exceptions to these 
high rates. Credit Agricole, the Mort¬ 
gage Corporation, the Mortgage Busi¬ 
ness and Britannia Central Lending 
charge 10.99 per cent. This is, of 
course, equivalent to the proposed 
C&G rate. 

C&G Guardian, which was a build¬ 
ing society in its own right until 2 l A 
years ago and is a centralised lender 
subsidiary of C&G, charges 11 per 
cent (although why anyone should go 
to a subsidiary and pay more than 
they would do if they went to its 
parent is a mystery). 

Centralised lenders offered several 
explanations this week for their high 
rates. None seems entirely satisfac¬ 
tory . Their first excuse is that only 
their existing customers pay them. 
New customers are wooed with dis- 


Court gives SIB fresh muscle 

T HE Securities and ment order but the court But many investors were 120 claims against agents tied 
Investments Board rejected their case. The result unaware they could lose their to Lautro firms and has made 
(SIB) is now free to is that anyone involved know- homes if - as happened - clear that compensation may 
prosecute anyone ingly can be ordered to make interest rates rose, house include amounts for distress 


T HE Securities and 
Investments Board 
(SIB) is now free to 
prosecute anyone 
who breaks the Financial Ser¬ 
vices Act, including third par¬ 
ties concerned knowingly in 
unauthorised investment busi¬ 
ness, following an Appeal 
Court decision. This could be 
good news for victims of 
unsaf e home income plans who 
now rely on partial remedies 
from different regulators. 

The case involves a Swiss 
firm called Panteil - unau¬ 
thorised for investment busi¬ 
ness - which sold apparently 
worthless shares in an Ameri¬ 
can company, Euramco, to UK 
investors. SIB sued PantelTs 
London solicitors and the com¬ 
pany itself for repayment of 
the money, alleging they knew 
about the misconduct. 

The solicitors challenged 
SIB's powers to seek a repay¬ 


ment order but the court 
rejected their case. The result 
is that anyone involved know¬ 
ingly can be ordered to make 
full restitution of money 
invested even though they 
might neither have received it 
nor encouraged the investment 
actively. SIB say’s it is consid¬ 
ering using these powers in a 
number of cases. 

Independent solicitor Nigel 
Hodkinson of Locks Heath, 
Hampshire, who has dealt with 
1,000 home income plan cases, 
thinks the ruling might help 
extricate investors damaged by 
inappropriate sales of home 
income plans from the lengthy 
struggle for compensation. 

Sold mainly to elderly people 
during the late 1980s, these 
plans involved taking out a 
mortgage to buy an investment 
bond, which was supposed to 
produce an income as well as 
paying off the loan interest. 


But many investors were 
unaware they could lose their 
homes if - as happened - 
interest rates rose, house 
prices fell and the bonds failed 
to perform as forecast. 

Thousands of complaints and 
claims for compensation began 
chur ning around in the regula¬ 
tory system. In March this year 
SIB announced a non-stop com¬ 
plaints procedure, but it ran 
into opposition from some 
building societies. They 
refused to allow the building 
societies' ombudsmen to 
extend their jurisdiction to 
cover home income plans. 

Redress for investors has 
varied. Insurance companies 
answerable to Lautro (the life 
assurance regulator) have paid 
£5m to restore around 400 peo¬ 
ple to the position they were in 
before investing via tied 
agents. The insurance ombuds¬ 
man is dealing with ano ther 


The lowdown on low-cost share deals 


S EVERAL months ago. 
a Weekend FT reader 
wrote in landing the 
cheap dealing service 
offered by a FT-SE 100 com¬ 
pany to deal in the company’s 
shares. “It is simple, cheap 
and efficient I am now won¬ 
dering whether there are any 
other schemes of a similar 
natnre available.” he wrote. 

Most private investors 
spread their risk through a 
large number of holdings in 
different companies and will 
hold a variety of stock in a 
general Personal Equity Plan. 
But there will be times when 
the investor may want to deal 
in one or a few bine chip com¬ 
panies. or to increase his Pep 
holdings through a single com¬ 
pany Pep. 

Many quoted companies 
have arrangements with stock¬ 
brokers and personal equity 
plan managers to provide 
investors with a reduced rate 
service for sharedealing. Some 
have a similar arrangement 
with a Pep plan manager for 


Company 
Abbey National 
Allied Lyons 
Anglian Water 

Areyn _ 

BAA 

Bank of Scotland 

Barclays 

BAT 

BET 

Blue Circle 
British Aerospace 
British Airways 
British Gas 
British Petroleum 

Cable & wireless 
Cadbury Schweppes 

Cotjrtauldi _ 

Enterprise Oil 

Genera) Accident 
General Electric 
Glaxo 

Grand Metropolitan 

Guinness _ 

Hanson _ 

ICI 

Inchape _ 

Land Securities 
Lloyds Bank 

Marks & Spencer 
MB-Caradon _ 

National Power 
NFC 

No rthern Foods _ 

PRO 

Pllkhiflton 

Prudential 

Hank Org 

Redlartd 

Reed inmmau 

Reuters 

RoHs-floyea 

RMC Group 

Royal Rank Scotland 

Royal Insurance 

RTZ Corp __ 

Sainsbury’s 

Sears 

Severn Trent 
Scottish & Newscaslle 
Scottish Power 

SmiUiKline Beecham 

Tate + Lyle 
Tosco 
Thom EMI 
Tomkins 

Trafalgar House _ 

Unilever 

United Biscuits _ 

Wellcome 
Whitbread 
Williams Holdings 
Willis Carr Don 


Shsredeellng 

Commission 


1 % 

1*4 (£12 min) 


opening either a single com¬ 
pany Pep with a maximum 
holding of £3,000 in any one 
tax year, or a £6.000 general 
Pep, or both. 

Companies snch as Hoare 
Govett, NatWest Stockbrokers 
and Cazenove have led the 
way in offering a low cost 
share dealing service for 
selected quoted companies. 

The table below shows com¬ 
panies in the FT-SE 100 which 
responded to our request for 
details of available schemes. 
Some companies, including 
British Steel, Lasmo, Bass, 
Pearson and Midland Bank, do 
not have arrangements for a 
cheap sharedealing scheme or 
corporate personal equity plan 
at the moment and have not 
been included in the table. 

The charges are very com¬ 
petitive compared with execu¬ 
tion-only brokers, many of 
which charge a minimum of 
£10 for dealing. Similarly, the 
Pep charges also represent 
good value compared with the 
industry norm of 5 per cent 

Pap durgn 

Mtfal Deeflng 


i% (£10 min) 

1% (£10 min) 
1 % 

1 % 

IV. (£10 min) 
1%-(£9.50 min) 
IS 


IS (£10 min) 


0.5 %(£10 min) 


IS (ElOmln) 
0.SS* 

1 % 

IS (ElOmln) 


1 % (£10 min) 
1 % 

1 % 

IS 


0-2%(£S min) 

0 . 6 % 

0.25% 

OSS (E5 min) 
025% 

OSS (ES min) 
025% 

0.25% 

0.25% 

0.25% 

0.25% 


OSS l£S min) 
0.5% (£5 min) 
025% 

025% 

025% 


02% (CSmln) 
02S%*(ESmln) 

023% 

variable* 

025% 


OSS (£5 min) 
0.25% 


IS 

£10 

1SIE9.5Q min) 


1% (ElOmln) 


IS (£10 min) 
1 % 


025% 

025% 

025%' 

025% (ESmln) 
g.5% (ES min) 


025% 

025% 

05% (ES min) 
025% 


Annual 

oass 

0.5% (£10) 
0.5% (£5 min) 

0S% (£15 min) 
02 % 

0.5% (£10 min) 

£10 

0.5% 

05% (£5 min) 
0.5% (£5 min) 
0,5%(C15 min) 
0.25% 

£10 


OSS (£10 min) 
05% 

£10 

£10 

OSS _ 

0.5% (£5 min) 


05% (E5 min) 
05% 


£10 

05% (£5mfn) 
i% 


05% (£f0 min) 
05% (£5 min) 
05% 

05% (ESmln) 
1.5% 

£20 

£10 


£10 

0.5% (£10 min) 
05% (£5 min) 
0.5% (ESmln) 

05% (£10 mm) 

05%(£12.50m!n 
£10 _ 

CIO 

£10 

05% (£10 min) 
£10 


CToaura 

"Eio 

E5 + E1D+ 


0.6% (£20 min) 
none 

1% (£25 min) 
£5 

0.5% (£20 min) 

£15 

£15 

05% (£20 min) 
£15 

ES+C10+ 

£10 


0.5% (£10 min) 
£10 

E5 + E10+ 

£5 + £10* 
none 


£5 + £10+ 
£5 4-£10+ 

£5 4-£10+ 


025%+ £10* 
£15 

£5+£10+ 

C5+C10+ 

£15 

none 

C5+C10+ ~ 

0.6% (£20 min) 

£15 

none 

£15 

none 

none 

£ 5 +£ 10 + 

£5 + £10+ 

£5 + £10+ 
none 

0 5% (£20 min) 
CS+CT0+ 

£ 5 + £ 10 + 

025%+£10+ 

£15 

E15 

0.5% (£ 2 Q min) 

) 1%(£50ma«) 
£S+£lD+ 

£5 +£10+ 

£6+£10+ 

05% (£20 min) 
£ 5 +£ 10 + 


120 claims against agents tied 
to Lautro firms and has made 
clear that compensation may 
include amounts for distress 
and legal fees. 

No such extras will go to 
investors who make claims on 
the Investors' Compensation 
Scheme following the default 
of four intermediaries licensed 
by Fimbra - the independent 
brokers' regulator. 

The Scheme said this week it 
expects 1,500 claims to arise 
from these firms, and hopes to 
pay at least some compensa¬ 
tion as quickly as possible, 
without delaying to settle the 
more complex aspects. Inves¬ 
tors will be compensated only 
by reference to the value of 
their investment on the day 
the firm was declared in 
defanlt and cannot receive 
more than £48,000. 

People claiming a gains t Fim¬ 
bra members still extant face 


pas* 

I Fitted 

Mu*- u . WV y 




m 


even more uncertainty. “Unfor¬ 
tunately, it does not necessar¬ 
ily follow that (they) will be 
entitled to the same restitution 
and compensation as those 
covered by Lautro," Anthony 
Nelson, treasury minister, told 
the House of Commons during 
the debate on the Finance BilL 
“Each case is subject to an 
examination of the package, 
the circumstances and the 
terms of the investment bond, 
and the mortgage proposed.” 


Hodkinson said, however, 
that many investment sales¬ 
men around the country had 
operated without authorisa¬ 
tion. He tViinVcs investors who 
have dealt with such people 
will be able to ask SIB directly 
to recover their money in foil 
from any institution involved 
knowingly. But he adds: “The 
question is whether the will is 
there to use the legislation.” 

Barbara Ellis 


initial charges, annual charges 
of about 0.75 per cent to 1.5 
per cent and brokerage of 
around 1.65 per cent 

Many companies pay or sub¬ 
sidise the initial charge or the 
annual fee themselves, which 
leads to a reduction in 
charges. However, these are 
execution-only schemes with 
no investment advice avail¬ 
able. 

Tiie structure of the service 
can vary between companies 
- there may be a minimum 
value of shares that can be 
bought or sold. The brokerage 
for General Accident, for 
example, requires deals to be a 
minimum of £500. The same 
can be true for Peps - the 
minimum level of sharehold¬ 
ing in the General Accident 
Pep is £1,000. and it is £1,500 
for Renters. VAT is payable on 
most charges apart from the 
broker’s commission. 

Scheherazade 

Daneshkhu 


An option to share 


T HE SAVINGS product 
with the best risk/re¬ 
ward ratio of all wifi 
be losing a little of its 
| glitter on October 1. This non¬ 
pareil is the little-publicised 
savings-related share option. 

! With Inland Revenue 
approval, employees are 
offered options to buy shares 
in their company at a price 
fixed when the options are 
granted and which is usually 
80 per cent of the market price 
at that time. The options 
become “exercisable" - con¬ 
vertible into shares - either 
five or seven years later. 

As a condition of receiving 
this option, an employee must 
enter into a savings contract, 
the ultimate proceeds of which 
will pay for the optioned 
shares at the 80 per cent initial 
price. Under these SAYE con¬ 
tracts - offered by a range of 
bui l d in g societies and banks as 
well as the Department of 
National Savings - monthly 
contributions are deducted 
from salary for five years. 

The saver must decide at the 
outset whether he wants to 
withdraw his money at the end 
of that period or leave it in for 
a further two years to accrue 
extra interest. Either way. the 
related share option can only 
be exercised in the six months 
following the cash withdrawal 
date. 

Interest on the SAYE con¬ 
tract is paid in the form of a 
tax-free terminal bonus. This 
currently amounts to 15 
monthly contributions after 
five years and 30 If the money 
is left in for a further two 
years, working out at com¬ 
pound annual rates of return of 
&86 per cent and 9J5 per cent 
respectively. 

The Government has now 
decided to pare back on this 
terminal bonus. Employees 
who sign up after September 30 
will find the bonus cut from 15 
to 12 monthly payments after 
five years and from 30 to 25 
after seven years. This will 


equate to annual interest of 7.5 
per cent and 7.38 per cent - 
much more in line with pre¬ 
vailing market rates. 

For a stand-alone investment 
these would be generous 
yields. Perhaps the best com¬ 
parison is with the National 
Savings Yearly Plan which 
pays out 8 per cent per annum 
at the end of a five-year period 
- but the overall attraction is 
enormously enhanced by the 
added component of the linked 
share option. 

If the share price performs so 
dismally th at by the time of 
exercise it has fallen below the 
80 per cent starting mark, then 
the holder will allow the option 
to lapse and be content with 
his tax-free bonus. But, as the 
table shows, even if the price 
has done no more than tread 
water during the option period 
there will be a useful capital 
gain to add to the overall 
return. And if the shares actu¬ 
ally move ahead, the employ¬ 
ee’s pay-off goes into overdrive. 

Wellcome provides a topical 
example. Wellcome employees 
in 1986 were offered options to 
buy shares five years hence at 
£L29. Saving at £50 per month 
cost £3,000 in total, and ren¬ 
dered a fond of £3,700 - and 
therefore a right to buy 2,868 
shares. That means that £3,000 
bought those lucky employees 
the right to buy shares cur¬ 
rently worth around £24,000. 

Investors who hope to lock-in 
to the current rates of return 
before September 30 are likely 
to find that the matter is out of 
their hands. 

More than 1,000 companies 
operate savings-related share 
option schemes and, in the 
past three years, 1.3m 
employees have been granted 
options over shares worth 
£2.1bn. Far more could have 
taken advantage of this 
gilt-edged opportunity. 
Participation is open to all 
full-time staff who have 
completed a qualifying period 
of up to five years employment 


The week ahead 


but in practice, take-up rates 
tend to be well below 50 per 
cent and often as low as 10 per 
cent 

Those who do seize the 
opportunity rarely make the 
most of it. The average 
contribution is less than £50 
per month whereas the 
statutory maximum was raised 
last year from £150 to £250. So 
a top saver can pay in £15.000 
(60 x £250) which, if left for the 
foil seven years, will currently 
attract a bonus of £7500 (30 x 
£250). Assuming the usual 20 
per cent price discount, this 
£22500 cash fond will allow for 
an option over £28,125 worth of 
shares. The new rates will 
reduce this to £26562. 

The only section of the 
workforce which can almost 
always be relied on to save to 
the hilt is the board of 
directors. Directors and other 
senior managers will usually 
participate in their own 
exclusive executive option 
scheme, but they can top up 
with savings-related options. 

Although executives earning 
more than £25,000 p 2 L cannot 
hold options over shares worth 
more than four times salary, 
savings-related options fall 
OUtside this limit- 

Hence, there Is nothing to 
stop a director on a £50,000 
salary from being granted a 
£200,000 executive option and, 
in addition, a £28,125 (reducing 
from October 1 to £26,562) 
SAYE option. 

Companies contemplating an 
imminent issue under a 
savings-related scheme would 
be well-advised to try to beat 
the October l deadline. By 
doing so they will enhance 
staff benefits at no cost 
whatever to themselves. But 
sadly many will be constrained 
by scheme rules.. 

David Cohen 


David Cohen is a partner in 
the City law firm Paisner& Co. 


Company 
bid tor 


counts, special offers, and other 
enticements which make the rates 
they pay in the first year or two of a 
mortgage comparable with those of 
the buflding societies. 

The second line of defence is that 
the building societies are out of step 
with the market and are charging too 
little for their mortgages, “If the soci¬ 
eties choose not to charge a commer¬ 
cial rate for their business, that is not 
our affair ,” one centralised lender told 
me. 

That begs the basic question. With 
the banks’ base rate at 10 per cent, a 
mortgage interest rate of 10.7 per cent 
might look a shade underpriced - but 
a mortgage rate of 1L55 per cent is 
distinctly overpriced. 

Over tiie past three years, the cen¬ 
tralised lenders, as well as charging 
higher interest, have been consis¬ 
tently tougher on customers who get 
into payment difficulties than the 
building societies. These facts should 
be borne in mind by anyone thinking 
of en tw r m g the housing market now. 


COMPANY N EWS SUMMARY 

tak-P-OVE R SIDS AND MERGERS 

Vain* ol Prte* 

SS X s "ST fi?_252L 

M “* V" T“~Sr5s > Z~ m 

ITS* 170 15* 2306 CocnJnff 

M3 232 237 8157 

vS w i* £2* 

m 313 368 235 3W» 

7 297 Z70 23* 30 84 Tor***"™ 


s£r- i s s 

gag ™ g g —. 

-An cash offerItCesh alternative. W°r cepuai «* already he\e. JUncondlConal 
“Based on 2-30 pm prices 34/7782. HShares ft cash - - 


- intft«let (he company dew* not otter a scheme ‘sites only. +77M £10 tee is waived if there haw been no previous 
withdrawals In the la* year. _ 


imperial Chemical Industries 
reports its second quarter 
results on Thursday, when it is 
expected to produce pre-tax 
profits of £200m-£240m, down 
from £309m for the same quar¬ 
ter last year. 

One analyst said that if the 
company cuts the dividend, the 
results on the market would be 
cataclysmic. 

The main points of interest 
will include the results of the 
pharmaceuticals division. 
Analysts will be looking at the 
extent of the decline in 
Tenormin sales in the US since 
the expiry of Its patents. 

The extent to which the new 
drugs, zestril, Zoladex and 
Diprivan, have made UP 


Tenormin’s decline will also be 
key. 

Otherwise, agrochemicals 
are likely to be disappointing, 
and analysts will be watching 
the state of the basic chemicals 
market to see if there has been 
any sign of an upturn. 

The chairman's statement 
about future prospects will be 
closely examined. 

Midland Bank becomes the 
first of the Big Four banks to 
announce its its half-year 
results on Thursday- 

The results are largely of 
historical interest since 
Midland was taken over last 
month by Hongkong and 
Shanghai B ank and will not 
pay a dividend to its former 


shareholders. Last time round 
a poor performance on its UK 
banking operations drove 
Midland into a loss of £71m.. 

This year it should be back 
in the black. UBS Phillips & 
Drew are predicting pre-tax 
profits of £l20m, but a possible 
write-back of sovereign debt 
could make the figure even 
higher. i 

Lloyds Bank will report on | 
Friday interim pre-tax profits 
or around £355m against £33im I 
a year earlier. 

It is likely to increase its 
interim dividend by about 15 
per cent to 639 net. The result 
will underline its performance 
as the best of the clearing 
banks. 


Company 

Year In 

Abtrust Preferred 

May 

Abtnist Scotland 

May 

AerUngus 

Mart 

Atm Group 

Apr 

Assoc Brit Consultant 

Apr 

BatdtuBd Develop 

Mar 

Border TV 

Apr 

Bristol Scotts 

Mar 

British Bloodstock 

Mar 

dsytiBhs 

Mar 

Cray Electronics 

Apr 

CRT Group 

Apr 

BbM 

Apr 

Electron House 

May 

Eve Grot* 

Mar 

Ewart 

Apr 

Exmoor Dual Inv 

May 

Hlofax 

Mar 

First Spanish inv 

May 

First Technology 

Apr 

Fleming Overseas 

Jtm 

Gibbs Mew 

Mar 

Goode Durrani 

Apr 

Greycoat 

Mar 

Jacques Vert 

Apr 

London Merchant Sec 

Mar 

Menviar-Swain 

Apr 

Menztea (John) 

May 

North Fine Foods 

Mar 

Power Corp 

Mart 

Property Sacurfty 

Mar 

Rubicon Group 

way 

Seville 

Apr 

Southend Property. 

Mar 

StabeMB Mdgs 

Mar 

Telecom Bream 

Aprt 

Victoria Carpet 

Mar 

Wood (SW) - 

Mar 


PRELIMINARY RESULTS __ 

Pre-fax prom hmmiae*' 
year to (£ 000 ) pr eha re (p) per share (») 


(-) 14 33 
(269) 0.37 
16 .600) 

(2.290) 137 
(1.140) 0.3 

(622) 3-0 
(866) 7.6 

(770 L) 

(381 L) 

(1.570) 

(3.510) 3-2 

(5,470) 8u26 
(29 L) 

(868) 2.62 
(4.110) 22L5 
(254) 1.18 

(6975) 6.34 


(-) 11.62 
(0.75) 0.6 


.62 H 

0.6 (0.56) 
(-) 


552# (1,550 L) 


(1.65) 2.35 t225l 
(29.0) 9.7 (9.2) 

(034) 0.75 (1.0) 

(7.9) 2.7+ (2.7+) 
(-) 0.5# (-J 


(3555) 1-19 


639 (3,030 L) 
&310* (5.150®) 


(673) 11.68 (10.97) 6.75 (6 75) 


7,600 L (38500 L) 

2510 L (3,010) 
24500 (28500) 6.54 

6.020 (5020) 29.2 

25,400 (21.500) 28.1 

155 (284) 0.97 

12.400# (15.600) 9.15# 

6,720 (3,080) 4.04 

822 (8.900 L) 30.4 
2J360 L (1,690 L) 

3,710 (2,380) 2.6 

.387 L (1,130 L) 

91,000 (94,000) 

1,740 (1,900) 18.1 

15 L • (55) 


INTERIM STATEMENTS 


(9J) 5.4 (5.4) 

(.) 52 (5.2) 

(21.9) 2.0 (10.0) 

(7.43) 3.8 (3.6) 

(23.6) 9.0 (7J) 

(23.6) 10.0 (9.4) 

(0.51) 0.75 (1.75) 
(10.5) 2.0# (576) 
(1.28) 3.75 (3.12S) 
t-1 - H 

(-J * H 

(5 42) 4.18 (3.8) 


(0.7) 0.2S 



Hell yam 

Pie fax profit 

Interim 

dividends* 

Company 

to 

(£000) 

per ehare (p) 

Abeiferih Smaller 

Jun ' 

’ 1,900 

(578) 

2.1 

(2-0) 

Automated Security 

May 

6.550 

(13.900) 

225 

(2-07) 

Bering Tittame Inv 

Jun 

2,500 

(&180) 

1.7 

(1./) 

BWD Securities 

Mny 

1,220 

(1,360) 

1.3 

(1.3) 

Central Motor Auc 

:• Apr. 

432 

(861) 

1.0 

(1.0) 

Derby Tat 

Jun 

971® 

(985®) 

823 

(8.34) 

Doetlex 

.Jun 

876 

(500) 

1.8 

0-32) 

First Maryland 

■ Jun* . 

24,300* 

(20,000*) 

- 

(-) 

Flaming American 

-Jun 

238® 

(522®) 

0.35 

(0.5) 

Fleming Ctaveritouse 

Jun 

1,070 

(1.210) 

5.0 

(50) 

Fleming Fledgeling 

Jun 

365 

(211) 

1.0 

(1-0) 

Gan Consolidated 

Jun 

- 

M 

4.3 

(4.3) 

Graham Rfntnuf Inv 

Jun 

427§ 

(2945) 

- 

(-) 

Greal Western Res 

Mar* 

13500 L 

(7,300 L) 

- 

(2.5) 

Green Property 

Junt 

1,010 

(847) 

1 2 

(12) 

Greentrlar Inv 

•Jon 

505 

(420) 

2.1 

(2.1) 

(-> 

Grosvenor Dev Cap 

May 

3 

(141) 


ntfrongwayrropi 

Jun 

332 L 

(2,150 L) 

• 

(-) 

HUI & Smith 

Mar 

1.240 

(2,420) 

2.1 

(1.91) 

Holders Tech 

May 

198 

(181) 

2.0 

(2.0) 

Radius 

May • 

525 

(Ml) 

0.9 

(0.9) 

Rsutars 

Jun 

187,400 

(170,000) 

S3 

(4.7) 

River ft Mercantile 

Jun 

4,9905 

(3.150§) 

Z25t 

(1-8t) 

Selective Assets 

Jun - 

194 

(250) 

- 

(-) 

SmHhkflne Beectiam 

Jun 

254,000* 

(230,000*) 

2.075t (1.871) 

St Andrew Tst 

Jun 

1,700 

(1.480) 

2? 

(2.7) 

84 Modwen props 

May 

1,040 

(1.020) 

. 

(-> 

Transfer Technology 

Jun 

3.460 

(2.130) 

625 

(6.25) 

Union Discount 

Jun 

14,800 L 

(8.400 L) 

- 

(115) 


(Rgurw in parentheses are for the corresponding period.) 

•Dividends are shown net pence per share, except where otherwise Indicated. L - 
toss, t “ Figures quoted fn Irish pounds & pence. # - Figures tor 15 months, t - 
Second interim dividend. § = Net revenue. + = Figures quoted In US dollars & 
cenfa. * - Second quarter flguras. • - Available revenue. ♦ - Third interim 
anftoend. 


- rights issues _ 

Bactoonlca is to ratae£39m via a ono-for-two rights fsaueate ipr 

~ __._° P ! ERS ** SAt ' F - PLACIWBB * ■ V mODUCTinMg ~ 

Ooetlex fa to raise £l.33m via . placing of 1.5m shares at SBp '- 


RESULTS DUE 


Company 


fwal Dmomos 

Arise m l Group — 

EMM) Bto tec h nology ______ 

CotorvMoe_______ 

Dele Electric_ 

Fot M w Group__ 

Herntog Emerging Metfcete __ 

Gtwa King__ 


Wine_ 


«pays-__. 
M He Group 


OW fntorn e Bun el__ 

Sarffe Gordon (A__ 

Shield Group ___ .. . ~ 

SedSi (David S) __ ' " 

Templeton Entering ICetfcefa „ 

Tinsley (Eta)__ 

TR SmaVer Co'elnv Tst__ 

Unit Grow_ 

Unttodi „._ _ 

vnii_ r 


Announcement 

duo 


Tuesday 

Tuesday 

Wednesday 

Thursday 

Monday 

Tuesday 

Tuesday 

Tuesday 

Monday 

Wednesday 

Tuesday 

Friday 

Monday 

Tuesday 

Friday 

Thursday 

Monday 

Wednesday 

Thursday 

Tuesday 

•Monday 

Friday 

Thursday 

Tuesday 


Phrtdand (p)» _ 

■t year TWa year 
Ftafa ml ■ 


AWedTcdBc 

Arabectmr (Henry)_ 

Afacatl As e orl o tos _ ~ 

BAT industries____ 

Brinm a Jackson _“ 

BT---- 

BuOough ___" “ 

Cepfls Group__ 

CIA. Group___ 

ConOnonW Assets Tst _ ~~ 

CorriefT)._____ 

EFM Java Tst_ 

Ewopean Assets Tst_" 

Rnahury 8msler Co's Tst _ 

FtramsB Group__ 

Cfardnsr (DC)_ 

Greggs _____ 

Harrisons « CroaSeld " 


ta __ ““— 

Investor* Csphtf Tst,”_ 

Jacobs (John |)___ 

LASMO_L. - - 

La* Service_ 

Ufa Sciences--- 

Uoyds Abbey Ufa_ 

Midland Sank _“ - 

. RoOmo 

HW Group _-*“ 

Shomhrlcfc___ 

SmaSer Co's knT«_ 

Sphere Inv Tat_ 1 ~ J ' 

Telegraph-'_;__ 

temple Bar Inv Tat ~ 

Thorfan Aslan Emornfcm Mvt, 


Tuesday 

Thursday 

Tuesday 

Wednesday 

Tuesday 

Wednesday* 

Monday 

Tuesday 

Thursday 

Thursday 

Thursday . 

Monday 

Thursday* 

Wednesday 

Thursday 

Monday 

Monday 

Thursday • 

Thursday 

Thursday 

Fridayt . 

Thursday ' 

Wednesday 

Friday 

Thursday 

Wednesday 

Wednesday ' 

Wednesday 

Monday 

Tuesday 

Monday 

Wednesday 

Wednesday 

Tuesday . 


" ' nwa * »v - SI 

wvtofasue.tar any intervening 
second. Interim dividend. sure quoted in Dutch guilder. • _ 











FINANCE AND THE FAMILY 


Investing in .. . China 

need time to settle 


HINA-has opened 
the gates to foreign 
investment at last 

and money Is pout¬ 
ing . in. The potential for 
growth Qfl-an unprecedented 
scale is plain. China has the' 
largest population on earth 
and a cheap workforce. Most 
Chinese share the work ethic 
of other. Asian economic suc¬ 
cess stories such as Japan «wrt 
Hoag Kong. 

Senior leader Deng Xiao¬ 
ping's “open door” policy of 
economic liberalisation has 
included the. establishment of 
two new stock : exchanges, trad¬ 
ing in shares which have an 
ingenious capital structure to 
ease the difficulties for foreign 
fund managers. But European 
investors still need the 
answers to two questions 
■ Is the economy vulnerable 
to political change? 

The enlightened technocratic 
liberalisation being applied to 
the economy sits awkwardly 
with the brutish massacre of 
students in Tiananmen Square, 
Beijing, in 1989. There is under¬ 
standable reluctance to put 
funds at the mercy of a regime 
led by a man of 87 which has 
shown it will hot baulk at 
authoritarian measures remi¬ 
niscent of Stalin. 

Some observers are, how¬ 
ever. confident that economic 
reform is there to stay. Deng is 
trying to ensure a succession 
committed to economic liberal¬ 
isation. Over the past six 


months he has moved several 
members'of the liberal faction 
into key posts, and is expected 
to consolidate power at the 
Mth. party, congress scheduled 
for November. 

The communists also appear 
to have realised that some 
form of liberalisation .and mar- 
ket discipline will be necessary 
to deliver an adequate stan¬ 
dard of living. Experience of 
Europe's former eastern bloc 
shows. what. can happen to 
political regimes If flying stal¬ 


led to a savings ratio calcu¬ 
lated by Barclays de Zoete 
Wedd (BZW) at around 30 per 
cent, suggesting healthy pros¬ 
pects for any company which 
can produce something they 
want to buy. 

■ Is the Chinese market the 
best place to buy exposure to 
the Chinese economy? 

China now has two stock 
exchanges, in Shenzhen and 
Shanghai. The authorities have 
gone to elaborate lengths to 
make life easy for foreign 


Shanghai’s “B" share market 
now has a total capitalisation 
of USSlSlm, while Shenzhen's 
is $6852m. These tiny figures 
may . Illustrate the potential for 
growth, but they also show the 
tightness of the market, it is 
not easy to spread risk if you 
invest only in “B” shares. 

Many claim that investors' 
enthusiasm to take advantage 
of these new opportunities has 
left the market overheated and 
overvalued. The high Chinese 
savings ratio has led many 


FACTFIL& China 


dards are poor. In any case, 
though, Deng’s initiatives have 
already attracted enough for¬ 
eign investment to make 
U-turns difficult. 

The economic data are 
astounding. China managed 
real gross national product 
growth of 7.0 per cent In 1991, 
and industrial growth of 12L9 
per cent. The five-year plan for 
1991-95 has already raised its 
target for GNP growth from 6 
per cent a year to 9 per cent 
Meanwhile the people are 
thrifty but have little on which 
to spend their money. This has 


' Population (1991 estimate):-' ■! 

--■ - ' 1.158m 

. Gross Domestic Product (1991); 

£21Obn 

Real GDP arowth (1991): -■ 

7.0 per cent 

. Market Capitalisation: 

US$838,2m 

Inflation rate: . 

3.4 per cent 

■-Bschanae rate: • 

" £1 =10.608 Yuan 


To(h 1 avaSaWe for foreign Lnvoatora-Sburaj Proffic Asa&t ManagemofU 


investors. Each company 
issues two classes of share. “A" 
shares may be bought only by 
locals, while "B” shares are 
reserved for foreign investors. 

John Kelly, of BZW Invest¬ 
ment Management, is enthusi¬ 
astic. “The system is marvel¬ 
lously well organised. In 
China, there are authorised 
brokers and dealing is elec¬ 
tronic. They’ve got rigorous 
controls on how companies can 
be listed and they use interna¬ 
tional accounting standards.” 

This does not mean the mar¬ 
ket is immune to problems. 


locals to try to buy “B" shares, 
constricting supply for foreign¬ 
ers. 

In Shenzhen, a typical “B" 
share trades off a price-earning 
multiple of 30, while “A" 
shares are on multiples of 37 to 
40. Many fund managers have, 
therefore, decided to avoid “B” 
shares and buy their exposure 
to China elsewhere in the Far 
East - particularly Hong 
Kong. 

According to Kenneth King 
of Eleinwort Benson 
Investment Management: 
“China is the most exciting 


investment area in the world 
at the moment. But going from 
there to setting up a fund to 
buy a very small number of 
“B” shares which are grossly 
overpriced is quite a leap. It's 
perfectly obvious that the 
market is grossly overheated." 

Tim Williams, of Schroders 
Asia, takes a similar 'view: 
“Almost inevitably, gravity 
will assert itself and then there 
will be a major fall. And that's 
when I plan to buy.” 

There are differences 
between China's two markets. 
While Shenzhen, just across 
the water from Hong Kong, is 
the larger, most of its quoted 
companies are joint ventures 
with the colony. This makes it 
all the easier to buy Chinese 
exposure with a Hong Kong 
fund. Shanghai was the largest 
market in Asia before it was 
shut down forcibly by the 
communists In 1949. The 
companies planning to come to 
the market there in the next 
few months are a different 
proposition from Shenzhen as 
they are mostly in heavy 
industries, like Shanghai 
Chlor-ALkali and Shanghai 
Tyre and Rubber. 

Most previously were 
state-owned monopolies. This 
offers the kind of direct 
exposure to Chinese growth 
which is difficult to buy in 
Hong Kong or Taiwan. 

So how should a private UK 
investor get involved? There 
are five authorised unit trusts 


Shanghai, which used to be Asia’s biggest market before the communists took over in 1949 


investing in Hong Kong and 
many more Investing in a 
range of Pacific rim countries. 
None of these is a "widows and 
orphans” investment but they 
offer some diversification. 

China is not an authorised 
market, so onshore unit trusts 
cannot be bought. But several 
offshore funds have been 
launched this year to buy “B" 
shares. 

These include Barclays 
China (based on Jersey}; the 
GT Shenzhen and China fund, 
which Is registered as a unit 
trust in Hong Kong and listed 


on the Hong Kong stock 
exchange; and Hafnia Prolific's 
China Opportunities fund, 
which is listed on the Dublin 
stock exchange. 

Of these, only GT is 
restricted exclusively to "B" 
shares; it is now 65 per cent 
invested. The others have- 
scope to invest in Hong Kong 
and other local markets, and 
Hafnia Prolific, which is a 
fully-authorised fund, has only 
a maximum of 10 per cent Ln 
“B” shares. 

Minimum investments are 
not prohibitive compared with 


unit trusts. Companies more 
sceptical about "B" shares, 
such as Schroders and 
Kleinwort Benson, offer large 
“emerging market" funds. 
These spread risk across 
several markets. 

China offers rewarding 
prospects for those prepared to 
take a risk. But it could be best 
to limit that risk via a broad 
fund for the time being until 
the country's well-organised 
stock markets have had the 
time to mature. 

John Authers 


Employers sweeten pensions 


A PENSION often is 
described as the 
most valuable but 
least-valued benefit 
that employers provide. Such a 
contradiction has been a 
source of increasing concern to 
employers who, with thetr pen¬ 
sion costs spinning upwards, 
watch with increasing frustra¬ 
tion as their staff opt out of 
handsome benefits packages 
for personal pension plans that 
are patently less attractive: 

Now, pension consultants 
say, employers are examining 
ways to restructure their pack¬ 
ages to make them more 
attractive to a; broader mix of 
et&tfloyees. :. f;' 

Kevin Spring, director 'at the. 
Wyatt Company, a firm of con¬ 
sulting actuaries, says the 
advent,of personal pensions 
has made employers aware 
that the generous provisions 
they are making for their 
workers' retirement are not 
fully appreciated. Furthermore, 
they are often not the most 
attractive for younger- or 
part-time workers who will not 
stay long enough to enjoy the 
benefits fully. 

Spring says the challenge is 


for employers to provide for 
workers' retirement in a way 
that most will appreciate. And 
because workforces are 
diverse, the classic final salary 
scheme awarded after 30 years 
of continuous employment is 
attractive to only some of the 
employees. 

Under such a scheme, a full 
pension allows • a retiring 
worker to receive two-thirds of 
his final salary for as long as 
he lives, with the likely guar¬ 
antee- of periodic inflation 
adjustments besides. But while 
such benefits are enough to 
guarantee the loyalty of older 
workers," younger transient 
workforces are often unim¬ 
pressed. 

“Personal pensions are am¬ 
ple to understand, flexible, pro¬ 
vide investment choice and are 
perceived to be portable,’! 
Spring says% .... 

“All of this makes them 
extremely attractive for 
younger people, even though 
these perceptions often prove 
to be invalid in practice.''' 

According to Paul Green¬ 
wood, research actuary at con¬ 
sulting actuary Mercer Fraser 
and Go; “What has changed 


Directors’ Transactions 


THE GLOOM surrounding the 
stock market continues to cast 
its shadow over directors' 
activity. 

BM Group, the construction 
equipment company, was high¬ 
lighted a couple of weeks ago 
when Roger Shiite, the resign¬ 
ing chairman, bought shares. 
A statement issued by the com¬ 
pany on July 3 revealed that 
the board was concerned about. 
the price drop from 398p at-the 
beginning of June to 55p at the. 
beginning of July. 

fi- was claimed that neither 
the group's trading nor flnan-~ 
cial position justified the scale 
of the fall, and a review of the 
management accounts 
suggested there would be con¬ 
tinued growth in profitibility. 
Seven directors - including 
Matthew Thorne, the new 
chair man, and Howard Sutton, 
the managing director. - 
bought 83,500 shares at 96p. 


Directors at Microgen, the 
computer bureau services 
group, have also been buying. 
Douglas Lee,-the chairman, 
GJE. laddie, tiie finance direc¬ 
tor, and another executive 
director bought' a total of 
1041*00 shares at 160p. Mr Alli¬ 
son, one of the non-executive 
directors, bought 2,000 shares 
at 168p. . 

Final results at Birse Group, 
ln. 4he: contracting and con¬ 
struction sector, reflect the 
impact of a: bad debtor. Never¬ 
theless, when recovery dawns 
it should be in this sector, and 
director buying should mean 
jgnod nem Fdm directors - 
Including the chairman and 
chief-executive, Peter Birse, 
and the finance director, David 
Swales - bought a total of 
830.275 shares at prices 
between 19 ami 24p. 

-Angus MacDonald, 

' Directns Ltd 


DIRECTORS 11 SHARE TRANSACTIONS IN THEIR 


OWN COMPANIES (LISTED-A USM) 

Company 

Sector 

Shares 

Value 

Ho of 
directors 

SALES 





Appleby Westward .... 

.FdRt 

' 24,750 

68 

1 

Brads loch. 

_InsB 

. - 26,500 

38 

1 

Dixons.-.. 


400,000 

816 

1 

Kinglfsher.... 

_'...„Stor 

-750, oro 

3,515 

1 

Leigh Interests. 

.-...Chem 

150,000 

.373 

1 

Richards Group. 

Metl 

300,000 

204 

1 

Sims Food.. 

.FdM 

- 28737 

66. 

1 

PURCHASES 

Barrett (Henry)....'— 

.Metl 

60,000 

13 

1 

Betterware Cons Prd.. 


20,000 

59 

1 

Birse Group__ 

_Coni 

750.000 

158 

4 

BM Group ................ 

.... EngG 

83£00 

80 

7 

Bristol Even'g Post— 

.Mdla 

.10,000 

27 

2 

Cooper. Frank. 

...Metl 

27.500 

10 

3 

E! Oro Mining'. 

Mine 

10,000 

38 

1 

Great Portland. 

..... Prop 

150,000 

192 

1 

Leeds Group__ 

_Text 

2^00 

11 

1 

Microgen ... 

....PP&P . 

106.500 

171 

4 

Or il lame_: 

.Stor 

220.00 

387 

2 

Proudioot (Alex).. 

.BUSS 

15,000 . 

23 

2 

Slurge Holdings......... 

ii... InsB 

25,000 

19 

1 

United Energy .. 

........Oil 

158.500 

30 

4 


»expressed in COOOs. Companies must notify the Stock Exchange within 
rklng days ofa'share transaction by a director. This list contains all 
actions, including the exercise of options (*) If 100% subsequently sow. 
a value over £10,000. totormetlon released by the Stock Exchange 13-ir 
1892. 

• Saurcs: CHrectus Aid, Edinburgh 


things has been the availabil¬ 
ity of voluntary scheme mem¬ 
bership and the growth of per¬ 
sonal pensions. . 

Employers are spending 10 to 
15 per cent of total payrolls bn 
pension benefits and they want 
to get better value for money 
out of it" 

The fact that this spending is 
not necessarily appreciated by 
workers has prompted the 
redesign of pension benefits. 
But while this issue is deeply 


Norma Cohen on 
measures being 
taken, to keep 
workers loyal 


troubling to the pensions 
industry, a relatively small 
proportion has tried to address 
it so far. 

Mike Brown, director of com¬ 
munications for the National 
Association of Pension Funds, 
the industry trade association, 
says: “Flexibility is one of 
those things which everyone is 
in favour of but which can give 
you lots of trouble." He pointed 
out that in a survey of mem¬ 
bers, only five per cent had 
moved to introduce some ele¬ 
ment of flexibility. 

For those which have, a 
number of options are avail¬ 
able. Spring outlined several 
which employers are building 
into their' schemes. One,. a 
so-called “nursery scheme,” 
allowed employees under the 
age of say, 35, to join only a 
so-called money purchase 
scheme which would give them 
a portable lump sum. 

At the trigger age, the 
employee was then allowed 


either to stay with the money 
purchase scheme or opt into 
the final salary scheme most 
attractive to older workers. 

Another option would be to 
give all employees the choice 
of taking part either in a 
defined contribution plan, 
where they paid In an agreed 
portion of their salary, or a 
defined benefit scheme where 
the final return was known. 

The defined contribution 
scheme would not be as attrac¬ 
tive as the package received by 
those in the defined benefit 
scheme after a full working 
career. But people who stayed 
in for a shorter period of time 
-. say, five years would 
receive proportionate benefits 
which would certainly be bet¬ 
ter than the benefits received 
by those who had elected a 
defined benefit scheme. 

Greenwood says some 
employers have offered the 
option of accruing a smaller 
portion of a final salary 
scheme in any given year in 
exchange for either a lower 
annual employee contribution 
or the availability of some 
other inducement, such as a 
company car. While employees 
typically accrue 1 / 60 th of their 
final pension each year, some 
have opted to accrue only 1/ 
80th. 

Flexibility has its attractions 
but cost savings are not one of 
them. Greenwood says. Over¬ 
all, flexibility increases costs 
slightly by making administra¬ 
tion more expensive. “But the 
trade-off is a greater apprecia¬ 
tion of benefits." 

Thus, spending on pensions 
engenders employee loyalty 
rather than producing a yawn 
- precisely the view that 
prompted companies to offer 
pensions in the first place. 


Protection for 
professionals 


N AMES AT Lloyd's 
of London insur¬ 
ance market are 
not the only people 
who stay awake at night wor¬ 
rying about unlimited liability. 

Increasingly lawyers, solici¬ 
tors, accountants, architects 
and other professionals who 
are liable for all the losses 
their companies make have 
cause for concern. 

Professionals are coming 
under fire from their clients 
when things go wrong. 

Housebuyers who lose out 
through over-optimistic sur¬ 
veys, hospital patients who suf¬ 
fer from doctors’ mistakes, and 
shareholders whose companies 
go under because of sloppy 
accounting - all are much 
more likely to turn to the law 
for redress. 

And, following the well-es¬ 
tablished North American 
trend, courts are more prone to 
hand out big awards to com¬ 
pensate for losses due to pro¬ 
fessional negligence. 

Broker Alexander Howden 
and insurance company Sun 
Alliance International .have 
now launched a product which 
could help to relieve some , of 
the stress. 

The product is called the 
Catastrophic Asset Protection 
Scheme (CAPS1. In essence, it 


is an insurance policy which 
protects family assets against 
the risk of being called on to 
meet the costs of a successful 
professional negligence claim. 

CAPS is based on the legal 
premise that a spouse has an 
insurable interest in the family 
home. According to Peter 
Hornsby, of Alexander How¬ 
den: “The policy is bought by 
the spouse and they must pay 
the premium because the pol¬ 
icy has nothing to do with the 
partner." 

It is also designed to supple¬ 
ment the professional indem¬ 
nity (or PI) insurance which 
offers a limited amount of pro¬ 
tection against some of the 
cost of legal awards. 

Hornsby says more people 
are feeling nervous about 
claims exceeding the limits of 
their PI policies. 

Premiums depend on the 
level of PI insurance in place 
and the value of the assets 
being protected. 

The spouse of a solicitor with 
professional indemnity cover 
of £lOm would pay £155 to 
cover assets of £100,000 and 
£270 to cover assets of Elm. 

But if the PI limit is only 
Ilm, then the premium rises to 
£250 for the £100,000 of cover. 

Rickard Lapper 


Tax and US shares 


I -OWN some Marsh and 
McLennan shares and I 
enclose a copy of the dividend 
paid on May 15. I would be 
grateful if yon could explain 
how I mark out how much 
“Tax Credit” I should show on 
my next tax return in respect 
of this dividend. 

■ The expression “tax 
credit" (as distinct from “for¬ 
eign tax credit” etc) fa only 
applicable to dividends of UK 
companies, which are paid 
without deduction of income 
tax. Your US dividends should 
be entered in the section of 
your tax return headed “Other 
dividends ... already taxed" 
not in the section headed “Div¬ 
idends from UK companies and 
tax credits". 

You should enter the gross 
amount and add a note that 
the dividend has suffered 15 
per cent US tax as well as 10 
per cent UK tax. 

If you are exempt from tax, 
the tax refund will be only 
£6.79* If you are a 40 per cent 
taxpayer, you will have an 
extra £10.19 to pay. 

* If you are exempt from tax 
on the dividend by reason of a 
trading loss, for example, you 
can elect to forgo foreign tax 
credit and therefore treat the 
dividend as reduced by the US 
tax to £57.73, which will leave 
you with an additional £10.19 
loss relief available elsewhere. 


Enduring Powers of Attorney 
reciprocally on the prescribed 
forms to provide general 
authorities to act if either of 
us becomes mentally incapa¬ 
ble. We own the freehold of 
our home as joint tenants, sub¬ 
ject to a mortgage. Is there 
any spedal authority required 
in the Powers to include our 
joint-ownership of our home? 

■ There is no special author¬ 
ity required to enable the 
donee of an enduring power of 
attorney to act as such for one 
of two (or more) joint tenants. 
The power must, of course, 
state that it is related to inter¬ 
ests in land eg. by stating that 
it relates to all the property 
and affairs of the donor. 

War benefits 
come to light 

I HAVE found documentary 
evidence (National Health & 
pensions insurance card) that 
my mother was employed for 
some years prior to World War 
Two. At the moment she exists 
on the basic state pension. 1 
have been told that, under cer¬ 
tain circumstances, she may 


be entitled to additional 
benefits in her own right, but 
the local DHSS office has no 
knowledge of this type of 
claim. 

■ You should make 
enquiries of the Benefits 
Agency at 5 Ways Tower, 
Frederick Road, Edgbaston. 
Birmingham Bid 1ST. 

The benefit of 
a bond 

AM I correct in thinking that, 
were I to assign the benefit of 
a single premium insurance 
bond to my wife, a chargeable 
event would not result - ie it 
would be a gift inter vivos and 
so free of all tax? 

If that is so, on subsequent 
encashment of the bond by my 
wife, is the assessment of capi¬ 
tal gain based on the original 
single premium paid to me 
nearly 20 years ago, or on the 
value of the bond (determined 
by the published price of the 
underlying units) on assign¬ 
ment to her? If the latter is the 
case, can top slicing relief be 
applied over this period? 

■ As assignment by way of 



Ut, lerjol can So pwt 

Ok lAv financial 7.m*i lor mo snswsM 
fli.on ir. then* coi,-.T.m ill ..i qumoi will 

oo a-tivc.’eO 0 / pc:l as ioon a? pc i&mto 


gift of the rights conferred by a 
single-premium life assurance 
policy is, as you say. not a 
chargeable event within sec¬ 
tion 540 of the Income and Cor¬ 
poration Taxes Act 1968. (How¬ 
ever. the reason which you 
suggest, after *ia". is not cor¬ 
rect). 

Your wife's income tax liabil¬ 
ity on her subsequent surren¬ 
der of the policy would indeed 
be based upon the excess of the 
surrender proceeds over the 
original premium. Top slicing 
relief would indeed be avail¬ 
able to mitigate any liability to 
excess liability (currently 15 
per cent) - and to CGT on 
other assets (under section 
102(3) of the Finance Act ISSSj 
- but not any liability to age 
surcharge- (currently 12’. per 
cent;. 




BEST RATES FOR YOUR MONEY 


Notice' 

Minimum Rale InL 

Account Telephone term 

deposit % paid 

INVESTMENT A/C's and BONDS (dross) 



CGT bill on 
property 

I OWN a freehold upper floor 
maisonette in Tooting, Lon¬ 
don, which was bequeathed to 
me by my mother 20 years 
ago. If I sold this property - 
which I have rented oat, off 
and on, but which is now 
empty - would I be exempt 
from capital gains tax and 
Inheritance tax? Alternatively, 
If I made a gift of it to my 
daughters, would they be lia¬ 
ble for capital gains tax should 
they decide to sell it? 

■ If you move into the mai¬ 
sonette before contracting to 
sell it, and give the appropriate 
main-residence notices under 
section l01(5Ka) of the Capital 
Gains Tax Act 1979 (or the cor¬ 
responding provision section 
222(5)(ai of the taxation of 
Chargeable Gains Act 1992). 
you should significantly reduce 
the prospective CGT bill - 
subject to .any anti-avoidance 
legislation in the Finance (No 
2) Act 1992, of course. 

If you give the maisonette to 
your daughter, you wifi have 
the same CGT bill as if you 
had sold it to her at its currem 
market value (although you 
could pay the CGT by instal¬ 
ments, with interest). 

The term “heritage property” 
refers to property which forms 
part or the national heritage - 
not simply to property which 
has been inherited. 

Your best plan is to consult a 
solicitor who is competent in 
the tax law and practice relat¬ 
ing to domestic property trans¬ 
actions. As a first step, you 
could ask your tax office for 
the free pam phlets CGT4 (Own¬ 
er-occupied houses.) and CGT14 
(Capital gains tax: an introduc¬ 
tion). 

Attorneys’ 

powers 

MY WIFE and I are pensioners 
and we propose to execute 


Scarborough BS 

First Post 

0800 590578 

ir.sicr.i 

£1.000 10 J0 r -o 

Yly 

Bristol & West BS 

Balmoral A/C 

031 225 3557 

Instant 

£25.000 1G.30 : .-o 

Yly 

Teachers BS 

Minster 90 

0600 378555 

SO Day 

£1.000 13.30% 

Yly 

Bath BS 

City oi Balh 

0225 423271 

6 Mlhs 

£40,COO i 

Yly 

Chelsea BS 

Premier A/C III 

0800 272505 

30 9.34 

£iO,OOC 11.75# 

Yly 

Cheltenham & Gloucester BS 

Golden Term Share 

0800 717505 

4 rear 

££5,0C0 12 25+ 

Yly 


TESSAS (Tax Free) 

Allied Trust Bank 


071 026 0879 

5 Year 

£3.000 12 68% 

Yly 

Julian Madge Bank 


0222 220800 

5 Year 

£20 12 50‘-: 

Yly 

National Counties BS 


0372 742211 

5 Year 

£3.000 12 00% 

YIV 

West Bromwich BS 


021 525 7070 

5 Year 

£150 n 60*.» 

Yly 

HIGH INTEREST CHEQUE A/Ca (Cross) 

Caledonian Bank 

HICA 

031 556 8235 

Instant 

£1 9.50° a 

Yly 

UDT 

Capital Plus 

0734 560411 

instant 

£1.000 9.40*o 

Qly 

Chelsea BS 

Classic Postal 

0242 521391 

Instanl 

£5.000 9.75% 

i'iy 





C 10.500 -.0.00% 

Yly 





£25.000 10.50% 

Yly 

OFFSHORE ACCOUNTS (Gross) 

Woolwich (Guernsey) Lid 

Inti Gross 

0481 715735 

instant 

£500 9 50% 

Yly 

Yorkshire Guernsey BS 

Key Ninety 

0481 719896 

90 Day 

£50.000 10.55% 

Yly 

Yorkshire Guernsey BS 

Key Term Share 

0481 719898 

31 8 93 

£10.000 11.00+ 

OM 





£25.000 11.25+ 

OM 





C5C.0CG 11.75+ 

OM 

GUARANTEED INCOME BONDS (Net) 

Aegon FN 


071 538 8800 

1 Year 

£50.000 8 60% 

Yly 

CCL Assurance FN 


071 626 3591 

2 Year 

£5.000 6 20% 

yly 

Prosperity Life FN 0800 521546 3 Year £25.000 8.30% Yly 





Aegon FN 


071 536 6600 

4 Year 

1.20,0011 d.-3'o 

Yly 

Aegcn FN 


071 o5& 6600 

5 Tear 

£50.000 8.55% 

rly 


HAT SAVINGS AJCa A BOH PS (Gross) 


InvesimenL A/C 

1 Month 

£5 850% 

Yly 

Income Bonds 

3 Month 

£2.000 9.25% 

Mly 

Capital Bonds □ 

5 Year 

£100 10.72? 

OM 

First Option Bor.d 

12 V,‘u>3 

3 s*i or 

Yly 

NAT SAVINGS CERTIFICATES (Tax Fr »a) 

37th issue 

5 Year 

£258 00 ir 

OM 

5Lh Index Linked 

5 Year 

£25 4 50% 

OM 



-r Iniin 


Childrens Bond B 

5 Year 

Z2‘ 10.3% 

OM 


This table cavers major banks and Building Societies only. All raids (aicepi QL-oranleod Inure Eendii art iftrwi-. Greer Fired - 
Fixed Rote (All other rales are variable) OM = imereti paid on maturily. N= Not Xaia. B » 3oni. •! - Rnic r.=ci until : i:.Si + = 
Rate Hxad unW l-fl-BJ- 4 Rata lUod until 31-8.92. 

Source: UONEYFACTS, The Uwnniy Guide 10 invesunem ana Mortgage Baits Aalslums Hens; Surinam No'"neh Reaoo-r can 
omam a complimentary copy by phoning 0&92 582808 


THE RATE TO BEAT 



Enjoy this eYceptioral return - equivalent to 8 
~*.a. net - with cur ntv. Three Month Notice 


Account * Minimum Initial deposit only £2001 
• Nc transaction charge* ■ Monthiv 'ir 
fariiitv available - IIU£!% p.a. gross. p.a 
Call o'/I bio OSr- anv tirm: tor full details. 


InKrea is paid imI of bask rale income ia« or. subject tn Hie 
required certification, grot*. Interest rates may vary. No 
■Iileresl it paid on drptnib oi C 2 OO 0 and below. 

Allied Trust Bank, 97-101 Cannon Street, London ECIN 5AD. 


ALLIED TRUST BANK 


... putting if on >' iuh'i’cst first 





















V 


VI WEEKEND FT 


FINANCIAL TIMES WEEKEND JULY 3.JIH-Y 


Jugglers who 
balance the 
books, too 


Tim Burt discovers how to 
profit from digital dexterity 


T HE company chair¬ 
man was showing off. 
He strode into the 
workshop, picked up 
three of his best-selling prod¬ 
ucts and started juggling. 

Charlie Fairbairn, the 28- 
year-old co-founder of More 
Balls Than Most - Britain’s 
leading supplier of juggling 
equipment - has a right to 
clown around. From start-up 
two years ago. his company 
has grown rapidly and now 
commands 55 per cent of the 
UK market in circus-related 
products. 

It is difficult to imagine a 
successful enterprise operating 
from the company's cluttered 
headquarters. Housed in Lon¬ 
don's old Leather Exchange, 
the premises Look as though a 
three-ring circus has just 
decamped. leaving its equip¬ 
ment behind. 

Every surface is littered with 
brightly-coloured juggling 
bails: rows of unicycles hang 
from overhead racks; there are 
spinning plates, devil sticks, 
clubs and flaming torches by 
the caseload. A large sign 
suspended from the ceiling 
reads simply: “Are you ready?" 

Fairbairn and his partner. 
Adam Gardner, think they are 
ready to expand and recently 
have signed distribution rights 
in Sweden. Norway, the US 
and Belgium. They decided to 
move into overseas markets 
following record sales in their 
10 UK outlets and through 
franchised retailers including 
Harrods, where the juggling 
balls were the best-selling 
“adult game" last year. 

The two jugglers, who set up 
the company in 1990 using a 
£15.000 NatWest overdraft and 
a loan from the London Enter¬ 
prise Agency, claim the secret 
of their success lies in the Feel¬ 
good factor. “We make the 
world's sexiest juggling bail - 
made from polymeric casing 
and Oiled with millet to create 


a softer, more tactile ball." 
says Gardner. 

“It has an oooh factor which 
people find appealing," his 
partner adds. 

Since its launch. More Balls 
Than Most has grown from a 
four-person outfit into an 
enterprise capable of producing 
30,000 balls a week with 35 
full-time staff and a further 30 
casual workers who hand-sew 
the final stitching on every 
ball. Turnover this year is 
expected to exceed £1.5m and 
Fairbairn hopes to see a profit 
of £250.000 on sales of more 
than 750.000 bails. 

From its humble beginnings 
on a market stall in London's 
trendy Covent Garden, the 
company is now looking at 
ways of using new technology 
to increase production. 
Already, engineering graduates 
at the South Bank Polytechnic 
have helped to boost output by 
designing a unique “ball-fill¬ 
ing" machine - one of those 
hypnotic pieces of equipment 
which you can watch for 
hours. It uses suction to hold 
the balls in place while the cor¬ 
rect amount of bird seed is 
pumped in. 

Although most of the compa¬ 
ny's sales are to individuals 
who want to learn a new skill. 
Fairbairn sees corporate 
demand as the biggest growth 
market. A number of groups 
such as Virgin and Paramount 
International have ordered tai¬ 
lor-made juggling balls 
embossed with their logos. As 
an alternative corporate gift, 
they are said to be more popu¬ 
lar than diaries or umbrellas. 

The juggling theme also is 
used as a promotional gadget. 
One computer group. Peterbor¬ 
ough Software, has balls carry¬ 
ing the slogan: “You’re safe in 
our hands." 

They come packaged in a box 
extolling Peterborough's vir¬ 
tues. The motto on the outside 
says: “A company that knows 


MINDING YOUR OWN BUSINESS ___ 

‘ Warships of the world 

keep an old salt afloat 

L IFE comes through small market townofLfcliKireL Sr'more Suhthe am 

order business, extended smell bmjgalow m « 









... — 

J* • •• • 

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•V \ 



- • • 

• ‘ V 


. • ’ 

* • , 

' •• 

' -V 







Fairbairn and Gardner show their skills with unicycle and juggling balls on London Bridge 


what the left hand and right 
hand are doing." 

The men behind More Balls 
than Most, both former com¬ 
puter salesmen, say juggling 
should not be dismissed as a 
pastime but recognised as an 
important antidote to execu¬ 
tive stress. 

Gardner and Fairbairn offer 
stress relief seminars to their 
corporate clients, involving a 
crash course in circus skills. 
Juggling transcends age and 
sex barriers and can ease desk¬ 
bound ailments such as repeti¬ 
tive strain injury, says Fair- 
baim, who adds that it is pre¬ 
scribed by some US doctors as 
an exercise to relieve arthritis. 

The company hopes such 
uses will boost demand over¬ 
seas. Exports represent only a 
small part of their business at 


present, but the imminent 
launch of a US mail order cata¬ 
logue - to be delivered to 36m 
households - is expected to 
attract more orders. 

The optimism, however, is 
tinged with concern at the 
tough attitude of lenders to 
small businesses. Export sales 
are desirable in order to ease 
the company's cash flow prob¬ 
lems. 

“The fact we're turning over 
large sums of money some¬ 
times sounds alarm bells to 
banks," says Fairbairn. “If you 
are a company which is vulner¬ 
able and trying to grow, then 
the banks can be verv diffi¬ 
cult." 

Like many other young com¬ 
panies with innovative prod¬ 
ucts, the initial success has to 
be measured against its bor¬ 


rowing. More Balls Than Most 
pays 3 per cent over base for 
its overdraft of £40,000 and has 
a factoring of 2.75 per cent 
through Lombard NatWest. 

Fairbairn refuses, however, 
to put finance at the top of his 
list of priorities. He talks of “a 
vision” rather than a business 
plan, and the balls come with a 
booklet entitled A Short Course 
In Life Enhancement rather 
than a guarantee. 

“We're not just salesmen," 
he says. “We're teachers. Since 
we've been in business, more 
than 150,000 people have 
learned to juggle. That’s suc¬ 
cess." 

■ More Balls Than Most, 14-15 
The Leather Market, Weston 
Street, London SEl 3ER Tel: 
071-357-7707. 


L IFE comes through 
the letterbox when 
you are in the mail¬ 
order business. 
"We’ve got customers in the 
House of Lords and quite a few 
in prison. The latter always 
seem to pay cash, which 
endears them to me." says 
Mike Critchley. a former mine¬ 
sweeper captain who now skip¬ 
pers Maritime Books. It is the 
only specialist postal source 
for books on warships, espe¬ 
cially the Royal Navy. 

To the non-specialist eye, 
Critchley’s list appears to have 
been written by Spike Milligan. 
Is there really a market for 
Minesweepers of the Royal 
Canadian Navy 1938-45? Or 
Lloyd's Losses (WWW VOl 2 at 
£75? The rising £250.000 annual 
turnover of Maritime Books 
suggests there is. 

The key to the business is a 
database of IS.000 customers 
built up since Critehley’s 
launch in 1979. He sends them 
regular mail-shots with special 
offers, and nearly a quarter 
pay a further £12 a year for 
Warship World, a newsletter 
run by Maritime Books and 
featuring its new lines. 

“I stole the idea from Habitat 
years ago,” Critchley admits. “I 
was furious that my wife had 
paid £1.50 for a catalogue 
which was largely their adver¬ 
tising. But it works.” 

Aged 46. with a light beard 
and a quick wit, he could have 
inherited Jack Hawkins' role 
on the bridge of any warship if 
the British film industry 
hadn't sunk. He left the RN in 
1978 after a conventional and 
successful career. A year later, 
he surfaced as the harbourmas¬ 
ter at Looe. a small port in east 
Cornwall. 

To help pass the time, he 
compiled a small, soft-back pic¬ 
ture book called British War¬ 
ships and Auxiliaries 1979. It 
was aimed at trippers, yachts¬ 
men and small boys - anyone, 
in fact, who would not want to 
pay £50 for Janes Fighting 
Ships. "Of course, no one . 
wanted to publish It, so vanity 
led me to do it myself,” says 
Critchley. "We sold 18,000 
copies at £1.20 which didn't 
seem too bad, so I left Looe and 
decided to go into books.” 

He still lives only 10 miles 
from Looe, just outside the 


small market town of LisKeard. 
The business is based in the 
grounds of his home where sn 
extended small bungalow 
houses more than 100,000 _ vol¬ 
umes. Every title on offer is in 
stock and there is no middle¬ 
man between customer and 
publisher. 

“Most of them would take 
three weeks to get it to you. I 
don't know how they’re still in 
business," snorts Critchley. “If 
the customer phones you with 
his Access or Visa number, he 
wants the book there in a cou¬ 
ple of days - maximum." 

For most booksellers, stock 
is a nightmare, with invento¬ 
ries worth many thousands of 
pounds tied up month after 
month on the shelves. Having 
no bank or other debt - a mat¬ 
ter of policy since day one - 
Critchley says he has no clear 

Keith Wheatley 
meets a sailor 
who turned 
to publishing 

idea what his stock is worth. 
“It’s a conversation 1 have 
every year with my accoun¬ 
tant. What's the value of eight 
tons of the 1990 edition of 
Janes Fighting Ships ? Probably 
zero, if I give up or go out of 
business.”.-Nevertheless, he 


ably in excess of £30 a transi¬ 
tion, far more than the average 
high street bookshop. "The 
marketing is what it's all 
about.” Critchley emphasises. 
“Once you've got a customer 
on the database, ycu can seii 
him something every six 
months." 

The company has a fuli-time 
sales manager, Roger May. and 
two part-time workers helping 
with packing and despatch. 
Salaries fincluding Critchley’s) 
total around £60,000 a year. 
“Tin sorry it's so imprecise but, 
if there's anything loft, we buy 
mare boobs," he says. Postage 
is the next biggest item, cost¬ 
ing more than £15,000 a year. 

Critchley’s favourite custom¬ 
ers are overseas, nearly a thou¬ 
sand of them. “They spend 
more because, if you're in 
Bulawayo, you can't exactly 
pop down to Dillons, can you’" 
One entire comer shelf of Mari¬ 
time's office is stacked with 
books for which the Japanese 
owner has paid but does not 
want posted.-He has been 
threatening for years to collect 
them; Critchley is itching to 
meet him. 

His own foibles extend to 
“owning" a frigate and a sub¬ 
marine; As project director of 
the Warship Preservation 
Trust - comprising HAIS 
Plymouth and the submarine 
Onyx, both lying at Birken¬ 
head and open to the public - 


uuamsas. Z" 5 --Critchley has found himself 

running his business from the 
motorway linking Merseyside 


never had to dump a book, 
although, some take longer to 
sell than others. He . admits, 
though, that he many of 
his buying decisions by “seat 
of the pants instinct" rather 
than analysis. 

At present. Maritime Books 
has 30 titles in print. Some 
have been hugely successful, 
but the naval sector is declin¬ 
ing. Critchley finds great cre¬ 
ative satisfaction in commis¬ 
sioning and creating a book 
but explains: “We’re down to 
two or three a year now. We're 
getting enough offers to buy 
£20 books for 70p that it’s so 
much easier to market those 
than have all the grief and 
heartache of publishing your 
own." 

The high median price of 
these specialist titles means 
that the average spend is prob¬ 


with the West Country. 

“Somehow,” he reflects, “I've 
also bought a lightship." The 
intention originally was to 
house a retail outlet for Mari¬ 
time Books in the former Trin¬ 
ity House vessel “ft's proved 
very difficult to find the right 
berth,” Critchley explains. 

There is only one doud on 
view from the bridge of Mari¬ 
time Books. “Our only real 
problem is that there were a 
hell of a lot of people wont into 
the RN during the War and 
they’re now dying off. That 
customer base is shrinking." 

Besides which: “Peace is 
breaking out all over the world 
and warships are not a sexy 
subject More people now serve 
in Boots the chemist than the 
Royal Navy." 


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W HEN the bank 
manager asked 
Muriel Jordan 
what things she 
would have done differently 
with her tiny business, she 
replied: "Everything.” 

Well, It is not quite true, but 
running her Bronte Birthplace 
restaurant has proved a chill¬ 
ing eye-opener. It has been 
tough. Hundreds of people 
wouldn't have done it If we’d 
had experience of running a 
restaurant, we might not have 
tried it, either." 

Muriel was (and still is) a 
full-time nursing officer when 
she and her husband, Malcolm, 
decided to buy a single “lot" of 
derelict properties in the hilly 
village district of Thornton, a 
few miles from the centre of 
Bradford, West Yorkshire. It 
included two small, 
single-storey cottages, a larger 
house that was once Thornton 
parsonage and, nestling 
behind, a courtyard inhabited 
by a large, crumbling stone 
barn. 

The original idea, four years 
ago, was a spot of property 
speculation. The whole lot cost 
£90,000 to buy. Both cottages 
were then converted and sold. 
The Jordans then decided to 
transform the old parsonage 
into a restaurant. This was 
opened a year ago. 

The Brontg family lived at 
the parsonage for five years 
early in the 1800s and 
Charlotte, Emily, Anne and 
Branwell all were bom there. 
It is. therefore, a structure 
with historic pulling power 
and for which the former 
kitchen and front parlour 
provide extremely pretty and 
interesting eating rooms. 

The third phase of the 
project is the conversion of the 
barn, for which planning 
permission has been obtained 
for a house. An application to 
convert it to a six-bedroom 
guest house is In the pipeline. 

Developing this cluster of 
buildings probably is giving 
the Jordans some long-term 
capital growth. But It is not 
generating income. So far, in 
fact, the project is being kept 
alive partly through-tapping 
into Muriel's salary and 
Malcolm's income as a joiner. 

Selling the two cottages for 
about £48,000 each failed to 
cover renovation costs. The 
buildings were in a more 
gruesome condition than the 
Jordans thought 
“Apart from that the actual 
costs charged by the builders 


Nick Garnett visits two beginners in the restaurant trade 
who have found the going tough but rewarding 




Muriel Jordan: eyes opened to business realities 


exceeded their quotations by 25 
per cent," Muriel says. 

On one occasion, a builder 
who, at the request of the 
Jordans, mounted a second 
Inspection of -the roof of one 
building, withdrew. his 
quotation and submitted 
another one three times 
hitfier. 

The Jordans will not proceed 
with the bam conversion until 
the restaurant starts making a 
profit At the moment, it does 
not. It deserves to, though,, in 
an area not over-burdened with 
recommendable eating places. 
A three-course Sunday lunch, 
including dishes such as 
home-made pats, chicken in- 
pastry and bread-and-butter 
pudding, costs a fixed £& 

"It does not sound much but 
that's all the area will probably - 
stand on prices,” says MurieL 


A more expensive week-day 
a la. carte menu incorporates 
braised ox-tail in Yorkshire 
Bitter with dumplings, roast 
duck in home-made plum 
ephfit, and rabbit pie with 
cider sauce. 

' The wira list is long and the 
ter cosy. Staff don Victorian 
clothing and Good Old Days 
once a month, form part of a 
range of special evenings. 
Customere can visit the robm 
the BrontSs used as a nursery 
and a collection of Victorian 
shoes is being added: 

-In spite of all this, the 
■restaurant is not maldnir 
money. It can cater for 40 at 
once-with a break-even at 2 s 
per cent full but it iafallinffta 
achieve that “The accountant 
tola us not to expect to make 
money In .the flrat two yeare^ 
-The Jordans are. learntog 


some tough lessons abt 
catering. They possessed 
experience of this kind 
business. Because they ; 
locked into other permani 
jobs, problems of staffing s 
cost control are even m< 
difficult than tbey would 
normally. 

One restaurant mana* 
lasted just three weeks a 
Muriel then decided to 
without one, saving the £ 12,1 
salary. She thinks this wa* 
mistake. “What I coi 
probably do with now is 
younger, go-getting manaf 
who can help with marketi 
and look for business.” 

Retaining chefs has al 
proved difficult. T 
restaurant usually employs 
head chef and a commis cl 
but is now seeking a new he 
chef. The last one departed 
set iip his own restaurai 
“We’ve been advertising i 
two months. An advert in t 
Yorkshire Post brought ju 
three replies." 

This underlines the cruc 
issue of location whii 
probably cramps the Bron 
Birthplace’s ability to attra 
professional staff. T! 
restaurant is 10 miles fro 
Haworth, the centre of tl 
Bronte tourist trade. Touris 
come to Thornton but hard 
in droves. The restauranl 
mid-week trade is largely mai 
up of businessmen bi 
Bradford like so mai 
mdustrial cities, no long, 
depth of lndust 
^ *? ave bad a d ilemn 
about whether we principal 

P* 0r ^ local 

says Muriel 

■ venture was fundt 
gfSj* two hous 
,, ® f°^ ajas owned (they no 
fc* same building as tl 
restaurant) and byl h ac 

The loan has bee 
educed - but would still 1 
JW to cover the co 

house ■» “ 

ot ^ er hand, th 
HP 8 .say the restaurai 
is valued at £150,« 
SL^T? lfcUre is giving thei 

S 

when it goes right" 











i 

W > 





who will ignite the world 



Peter Berlin previews the next fortnight's prospects for athletes , television networks and couch potatoes 


HIS EVENING, an archer 
will fire a flamin g arrow 
in the air which will 
to earth who knows 
where. On its flight, it will igwftf 
the Olympic flame. The flame is a 
symbol-of the Olympic ideal, a- sig¬ 
nal that competition may start and 
that for 16'days the dty of Barce¬ 
lona has become ther modem Olym¬ 
pia. Unfortunately, the symbolic 
and the real are some way' apart. 
The great mishmash-of sports that 
is the Olympic Games is beyond the 
scope of even a city as cosmopolitan 
and spendthrift as Barc elona. 'The 
Games have burst past the girdle of 
mountains that belts the city and 
spilled beyond the Games’ 18-day 
fortnight 

Competition started yesterday 
with four soccer games, including 
one 360km away in Valencia, and a 
burst -of Basque pelota. Tomorrow 
afternoon the Dream T eam, a gang 
of towering American mflUpradras, 
will sweep down from their luxury 
rented villas and slam-dunk a bas¬ 
ketball through the five hoops of 
the Olympic ideal. ' 

The basketball stars’ experience 
of the Games will be in sharp con¬ 
trast to that of the true amateurs of 
the modern Olympics: th£ fans. 
Many spectators will be taking . 
off and paying their own expenses 


to be there. For them, the next 16 
days 1 win be a serious strain on 
energy, cash and the host city’s 
organising ability. 

There, is no substitute for being 
here in person for siting in the 
stadium as the US team races to a 
world .400 metres relay record; as 
the Dream Team peaks in the bas¬ 
ketball final; as the world's best 
young- soccer j?layers battle for gold; 
as the mien's hockey tournament 
reaches itsxlimax.. . except that 
you cannot, because all these events 
are cranuhed together bn the even¬ 
ing of toe'-.orgiastic final Saturday 
and spread around the. four comers 
of Barcelona: . • 

But then, no one should expect 
the Olympics.to mato sense from a 
sporting point of view. Nor should 
spectators' espect thmg s to be easy. 
The Games are no longer run for 
the benefit of spectators or athletes, 
but for the TV companies. This is 
no bad thing: After all, the broad¬ 
casters. are; trying to serve biDions 
of fans ariwnd the world. 

The biggest team here is not 
entered in the Games. It is made up 
of 1,800 employees of NBC (versus 
925 tor the entire US team), which is 
involvcd ih the altogether rougher, 
more serious competition for audi¬ 
ence share in the US. Thanks to the 
efforts; of TV companies and the 


miracles of tape delay, video record¬ 
ers, cables satellite and remote con¬ 
trol channel changers, couch pota¬ 
toes around the world can see the 
finals of the 4x400m and the bas¬ 
ketball and the hockey and the soc¬ 
cer should they want to. 

For dedicated sofa slugs, the 
Olympics represent a test of sta¬ 
mina and flexibility. The important 
thing is to pace yourself. In this 
respect, the TV companies and. the 
Olympic schedulers have co-oper¬ 
ated to create a viewer-friendly 
timetable. On many days, there is 
enough sport for 72, sometimes 96, 
hours of non-stop live action. But 
unless their, own country is about to 
win a medal, the broadcasters will 
simply ignore many sports - par¬ 
ticularly non-telegenic events such 
as archery, shooting and fencing. 

For sports which do interest the 
broadcasters, timetables have been 
tailored to deliver the biggest audi¬ 
ences. The action is conveniently 
concentr a ted in the evenings - to 
suit European and North American 
viewers - and during the Olympic 
fortnight's three weekends. 

In the basketball tournament, the 
US team will play the bulk of its 
games at fUJOpm or 1030pm local 
time, while the final is scheduled 
for 10 pm on the last Saturday - 
prime time In the US. The two big¬ 


gest medal sports, athletics (43 
golds) and swimming (31) helpfully 
get all the qualifying nonsense out 
of the way la Urn early mornings 
and save their finals for the eve¬ 
nings. 

So far as broadcasters are con¬ 
cerned. swimming is the only game 
in town during the first week. In 
the periods between Olympic 
Games, few broadcasters would 

From Monday, the 
Financial Times will ran 
daily coverage of the 
Barcelona Olympics from 
. onr three-man team; 
Nicholas Woodsworth, 
Peter Berlin, Keith 
Wheatley - pins a 
summary of news and 
main results. 


dream of transmitting sw imm ing in 
prime time, but the Olympics lend 
it status. Its central place at the 
Games is consecrated by tradition. 
Swimming was in the first modem 
Games in Athens in 1896- Swim¬ 
ming will award one in every eight 
gold medals in Barcelona. 

While swimming is dull - swim¬ 
mers race in straight lines at steady 
speeds, so it is generally clear after 


200 m who will win the 1,500m frees¬ 
tyle - it is also easily intelligible 
compared with wrestling. Viewers 
do not need to understand the 
nuances of the tumble turn to 
understand who is leading. 

As a matter of fact, the winner's 
rostrum at pool-side will provide an 
early answer to one of the most 
intriguing questions at Barcelona- 
In Seoul four years ago, the East 
German women won 10 of the 15 
swimming events, seven in world or 
Olympic record times. They col¬ 
lected 22 medals in all, and now join 
forces with the West Germans (who 
won a silver in Seoul). But only two 
members of that all-conquering 
team even reached the finals in the 
world championships in Perth last 
year, and the unified German squad 
foiled to win a single women’s gold. 

If this happens again, and if the 
women’s races also are slower than 
in 1988, it could be a sign that 
socialism really does produce better 
athletes. Or it could be a sign (the 
IOC hopes, piously) that everyone is 
taking fewer drugs. Socialism is the 
more likely bet In this alone, the 
IOC and the TV companies are at 
odds. The latter hope there will be 
loads of world records to fuss over; 
the IOC hopes there are none. 

The swimming winds up with its 
usual spray of relays next Friday 


night, leaving the airwaves free for 
the other aquatic sports and for the 
one sport guaranteed to draw 
women viewers: gymnastics. 

The most glamorous TV event, 
athletics, starts quietly next Friday, 
too, with the finals of the 20km 
walk and the shot put. The first 
significant finals are the next day; 
the 100 m sprints and the women's 
marathon, which feature in Satur¬ 
day’s prime time. This irritates the 
marathoners, who would rather 
start in the traditional cool of early 
morning rather than in hot late 
afternoon. 

After that apart from the rest day 
on August 4, athletics keeps the pot 
boiling with a steady stream of 
finals. Meanwhile, sports which 
know their place, such as archery, 
kayaking ami table tennis, sort out 
their medals quietly at unobtrusive 
times, and the majority of the team 
ball games (except baseball) as well 
as two viewer favourites, boxing 
and tennis, also build toward their 
climaxes on that frenzied final 
weekend. 

After the 29-medal blitz of the 
final Saturday, armchair athletes 
can make a gentle start to the last 
Sunday. They can see six boxing 
finals in the morning, watch the 
male marathoners tormented by the 
heat and the killer hill - and then 



tune-in to the closing ceremony and 
the dousing of the flame lit by the 
Spanish William Tell 16 days previ¬ 
ously. By then, the Atlanta organis¬ 
ing committee will be at work on 
plans to offer viewers an even more 
exhausting spectacle in four years’ 
time. Given infla tion. I doubt that 
Atlanta will bother with a bow and 
arrow. Perhaps it will use an inter- 
galactic laser to make its opening 
ceremony go with a bang. 




L'V 


Samaranch’s triumph/Keith Wheatley 

Power and the 




can it continue? 


W HAT a homecoming 
the Barcelona Olym¬ 
pics represents for 
Juan Antonio Samar¬ 
anch. The years of self-imposed 
exile surely will slip away as the * 
Spanish president of the Interna¬ 
tional Olympic Committee (IOC) 
enters the stadium this afternoon 
wreathed in glory* Undoubtedly, 
these Gaines are a triumph for hftn: 
no political boycotts, no cash wor¬ 
ries, and all staged In his home 
town. 

72 , concedes that the 
death of Franco, the long-time Span-. 
ish dictator. In 1975 left him with 
little future there. Already In late 
middle-age, Samaranch'was associ¬ 
ated too closely with the regime to 
hope that his public life as a diplo¬ 
mat could continue. But his time at 
the helm of the Lausanne-based IOC 
has been a brilliant renaissance for 
this frugal, driven individual. 

Yet Barcelona could turn out to 
be a briefly-shining hour; Samar¬ 
anch will be at the heart of the 
fiercest politicking in town during 
the fortnight of the Games. He will 
have served 12 years as president 
when his present term ends .next 
year. Will he stand again? 

Until he announces his decision, 
his potential heirs- will be lobbying 
and vote-gathering in the corridors 
of the Princesad. Sofia hotel In this, 
they will be as fiercely competitive 
as the athletes down on the track. 

Students of the IOC constitution 
- and no organisation loves its pro¬ 
tocol and conventions more - are 
quick to ten you that "His Excel¬ 
lency" Is entitled to stand again. 
Loyally, they add that he probably 
would not be challenged -should he 
do so. Among rank-and-file IOC 
members, merely abstaining from 
voting on a motion approved by 
Samaranch is regarded as 8pine-tm- 
gUngly rebellious. 

Nevertheless, should the king of. 
world sport die ■- or just fade away 
- there must be a successor, and 
key candidates are already jostling 
for position. Their names'- will be. 
unkn own to. most sport fans, but 
one of them will become the new 
leader of the “Olympic, family,” a 
nation-state without a country, the 
secular equivalent of the Vatican. 

Within the IOC. everyone’s 
favourite for the race is Canadian 
lawyer Dick Pound. He .has been 
Samaranch’s able lieutenant for a 


decade, acting willingly as a storm- ; 
trooper where the president's role 
dictates a need for. public caution. 
Pound has played the blunt 
Anglo-Saxon to his boss's sil¬ 
ver-tongued T-atfa. 

Aged only 50, the tall granite-fea¬ 
tured Pound has-become the mwnnrt 
most powerful man within the IOC 
by virtue of heading the financial 
negotiations with the world’s TV 
networks fbr Olympic rights. That 
the IOC grossed $19bn between 1989 
ynd 1992 is due lazgaly to Pound’s 
commercial acuity. 

He also works as a lawyer for 
- Adidas and is" at the heart of the 
complex commercial relationships 
that link the IOC to its commercial 
agent, ISL, created by the late Horst 
Dassler. Pound is exceptionally 
close to Samaranch. .- " 

As happened to Samaranr-h dur¬ 
ing his diplomatic career, - thoug h, 
Pound could find himself associated 
too closely with the anexen regime. 
Commentators - including the 
authors of a controversial recent 
book, Lords of the Rings, who took a 
highly-critical view of Samaranch 
and the Olympic movement -r have 
begun to "view its overt commercial¬ 
ism with pragmatic rather than 
philosophical distaste. 

Unlike a government or corpora¬ 
tion, there is little in the way of 
checks or. balances to counteract 
: the IOC’s sweeping powers. Few 
within the organisation seem to 
believe there can be too much 
Olympic money, or even that it 
could be misdirected. 

Outside, the perspective is differ¬ 
ent.'.Samaranch misjudged badly 
the\ world's view of his fiefdom 
when- he attempted to shield and 
defend Robert Helmick, a lawyer 
caught lining his pockets in his 
cspacfty ae a US member of the 
IOC.- 

Those who found their loyalties 
jolted by .the sophistries that 
emerged from Lausanne at that 
tinm may turn to a somewhat differ¬ 
ent sort of candidate for president. 
Pound Is, after all, a younger mem¬ 
ber of the old guard rather than a 
new broom. 

Sevan Gosper, an Australian 
member.of-the IOC for nearly 20 
years and a senior executive with 
Shell based in London, is another 
leading contender. A silver-medal 
nmner at the 1956 Melbourne Olym¬ 
pics, he is more independent than 



Juan Antonio Samaranch, Spain’s IOC supremo ... candidates to succeed him are Jostling for position 


Pound within the IOC, but equally 
respected. 

Gosper la due to retire next year 
from his job controlling the Pacific 
rim for Shell and. at only 59, would 
have a full 15 years to devote to the 
Olympic movement. He confirms 
that he would stand if Samaranch 
decides to go but adds, firmly: “He 
has told us he win make a decision 
after Barcelona and, should he 
decide to stay on, he'll get my full 
support" 

Optimistic myopia is virtually a 
chronic condition within the nar¬ 
row ranks of the IOC - there are 
only 92 members - but Gosper 
seems curiously immune. “In aggre¬ 


gate, 1 think there’s an impression 
abroad that we’ve become less 
Olympic and too preoccupied with 
our administration and financial 
structure." 

There has been recent crit i cis m 
that TV companies (particularly US 
networks), having paid millions for 
the rights to show the Games, have 
influenced the content and schedu¬ 
ling of events, sometimes to the det¬ 
riment of competitors. 

TO this, Gosper says: “We" need 
television to broadcast the Games, 
but there must be no question of 
them (the networks) deciding the 
content or timing of the pro¬ 
grammes. I think we need to find a 


better balance with commercial¬ 
ism.” 

Of course, it might be that the 
task of heading the IOC is becoming 
rather like occupying the White 
House - an impossible job from 
which the most suitable candidates 
shy away. Peter Tallberg, a 
respected Finnish IOC member, has 
noted that the IOC presidency is 
now a position that brings trouble 
to both the individual and Ms coun¬ 
try. Perhaps Samaranch will go 
quickly, at the zenith of Ms power 
and acclaim. On the other hand, 
courtiers have never been too 
strong on advising monarchs about 
their state of undress. 


Rowing 

Fanatical Brit 
eyes hat-trick 


R OWING is said by physi¬ 
ologists to be the most 

demanding of sports. It 
makes demands on 
heart, lungs and muscles that are at 
the limits of human physical capac¬ 
ity. A member of the House of Lords 
once described it as something that 
“the French reserved for convicts 
and the Romans for their slaves." 

These factors make the 1992 
record of Steve Redgrave, Olympic 
gold medallist in 1984 and 1988, 
quite remarkable. Redgrave and his 
partner. Mathew Pinsent, were ach¬ 
ieving world standards even if they 
were not winnin g regattas. Then, 
last month, a team doctor suggested 
Redgrave have a check-up following 
wmght loss during a winter illness. 
Specialists diagnosed colitis, 
sparked by salmonella contracted 
while training in South Africa. 

Redgrave was enormously 
relieves!, having nursed secret fears 
about his own health for some 
months. But it was as an athlete 
that he reacted most strongly. 
“We're right up with the fastest 
crews at way below 100 per emit 
fitness. Just think what we'll be 
able to do at Barcelona when Tm 
fit," he said as he headed off for 
treatment with diet and drugs. 

At the Olympic rowing course in 
Banyoles, 130km from Barcelona. 
Redgrave will be attempting to win 
his third consecutive gold medal a 
feat achieved only five times before 
in the sport. One of those greats 
was “Diamond John" Kelly, father 
of the late Princess Grace of Mon¬ 
aco. Pinsent, 21, will be at his first 
Olympics, having not even taken up 
rowing when Redgrave won his first 
medal at Los Angeles. 

Those who attach importance to 
the well-preserved ruins of the 
English class system might be 
amused by the Redgrave-Pinsent 
partnership in the coxless pairs. 
Redgrave, son of a builder, left com¬ 
prehensive school at 16 to pursue 
full-time sport. Pinsent, son of a 
Hampshire clergyman, won a dou¬ 
ble Blue at Oxford after an out¬ 
standing school career at Eton. He 
has twice rowed in winning Boat 
Race crews. 

This combination was unbeaten 
in the 1991 season. They twice 
defeated the previous world champi¬ 
ons, from Germany, and won at 
Lucerne by a nine-second margin. 
At the world championsMps in 
Vienna, Redgrave-Pinsent stormed 
home to a further gold medaL 
Pinsent, who rows stroke, lists his 
recreations as “golf and testing 
Steve on time zones and gold medal- 


winners.” The latter is a good-hu¬ 
moured dig at the degree of Red¬ 
grave’s obsessiveness. Before the 
Tasmanian championsMps in 1990, 
the pair had been training in Can¬ 
ada. Hoping to avoid the body-clock 
problems of too many time changes, 
Redgrave decreed that they would 
row their Henley training sessions 
at night. 

Keeping up with Redgrave, physi¬ 
cally and emotionally, is undoubt¬ 
edly a problem for his partners. He 
denies being obsessive about row¬ 
ing. but relatively few other people 
in a still-amateur sport train seven 
days a week for 49 weeks of the 
year. Andy Holmes, with whom he 
won gold in 1988, chose not to face 
four more years. Interim partner 
Simon Berrisford was sidelined by 
injury in 1990. 

It was that accident that led team 
managers to Insert the available 
Pinsent into the empty seat. Coinci¬ 
dentally. the arrival of new coach 
Jurgen Grobler from the former 
East Germany also helped to re-e- 
nergise Redgrave, who had been 
dabbling the previous winter with 
bobsleighing and stood on the verge 
of the national team. 

Grobler’s biggest single contribu¬ 
tion in the early days was to sug¬ 
gest that Pinsent rowed stroke. It 
was an audacious move, consider¬ 
ing Redgrave's seniority in the 
team. But it worked, and Redgrave- 
Pinsent regained the gold medal at 
the following year’s world champi¬ 
onship. 

Redgrave really is a man for all 
oars. He won his first Olympic gold 
in the coxed four. But he regards 
his most satisfying achievement as 
the Commonwealth gold in the sin¬ 
gle sculls at the 1986 games. Only 
because he was achieving such suc¬ 
cess in the pairs did Redgrave fail 
to pursue his lonely excellence. 

It is an open secret inside sport 
that the administration of British 
rowing has been a dog’s breakfast 
for the past decade. One of the few 
sports at which the country excels 
on the world stage has been virtu¬ 
ally unable to find major sponsors; 
and atheletes such as Redgrave, 
without question the world’s finest 
individual rower, earn a frugal liv¬ 
ing as sports consultants. 

Had Redgrave turned his commit¬ 
ment and physical skills to tennis, 
he could even now be ranked, say, 
115th in the world and earning 
more than $ 100,000 a year for 
playing in a dozen tournaments. 

Tough life for the wet bobs. 

K.W. 


Who gets what from the great carve-up 

Gary Mead examines how sponsorship has changed dramatically the way the modern Games are funded 







*.... .. 

^•.Vr^vcaBar* 1 ^ 

• . V ' t im . 


, ODAY. the world will 
switch on its television 
gfri g to watch the start of 

_ the biggest marketing 

event ever.. By and large, viewers 
will be unaware of the commercial 
overtones of the Olympics. What 

they want to see are sporting glo¬ 
ries. 

"But they will be part of a com¬ 
mercial event that has generated 

Sljbn worth of-international spon¬ 
sorship and television licencing 
doalc involving just one important 
brand logo; the five interlocked 
rings of the Olympic Games. The 
NBC television network alone has 
paid $401m for exclusive rights to 

British Javelin thrower Steve 
Backley drives a SEAT Toledo 
1316V GTI as one of Ms 
rewards for Olympic 
prominence. SEAT Is one o* the 
sponsors' of the British team 


broadcast the Games in the US. 

Some members of the Interna¬ 
tional Olympic Committee (IOC) are 
sensitive to criticism that the 
Games are being undermined by 
sponsorship deals, drug abuse, and 
toe professional status of many ath¬ 
letes. But those criticisms ignore 
history, according to Michael 
Payne, the IOC’s marketing direc¬ 
tor. 

He says the modern-day role 
played by big business in the Olym¬ 
pics is not new and points out: 
“There has always been commercial 
involvement, at times far more 
excessive than now. There used to 
be in-stadium advertising in 1928 
(now forbidden by toe IOC). In Mon¬ 
treal (the 1976 summer Olympics), 
there were 820 sponsors and suppli¬ 
ers. The Olympic rings were on 
everything, including such inappro¬ 
priate products as ladies’ underwear 
and bananas, with no eontroL" 


What has happened since the 
financially disastrous Montreal 
Games is that the IOC has come 
gradually to see the commercial 
value of the Olympics. It has sold 
sponsorship and broadcasting rights 
in order to make profits to plough 
back into international sport - and 
into itself! 

The-first thorough-going attempt 
to make money from the Games for 
the IOC and its affiliated national 
members came with toe 1968 sum¬ 
mer Olympics in Seoul, South 
Korea. In Seoul, though, the IOC 
was only beginning to discover the 
extent to which multinational com¬ 
panies were prepared to pay for¬ 
tunes simply for toe right to use the 
five-ringed logo. Thus, Barcelona 
1992 is held to be the first really 
determined example of a highly-or¬ 
ganised and centrally-planned com¬ 
mercial exploitation of the Olym* 
pics. 


The central sponsorship deal for 
this year’s winter and summer 
Games is called The Olympic Pro¬ 
gramme, or TOP. Each TOP pro¬ 
gramme runs for four years. In the 
present one, now e nding , the IOC 
has attracted $175m (part of the 
$i.9bn overall figure) from the 12 
TOP sponsors. They are Visa Inter¬ 
national, Coca-Cola, Mars. 3m, Time 
and its sister publication Sports 
Illustrated. Bausch and Lomb, 
Ricoh, Matsushita, Brother, East- 
man Kodak, the US Postal Service, 
and Philips International. 

Their contracts with the IOC for¬ 
bid them revealing how much they 
paid individually but Payne says 
the individual entry fee for the next 
TOP programme - which will 
cover the Lillehammer winter 
Games next year and the Atlanta 
summer Games in 1996 - is $40m. 
The European TV rights for Atlanta 
have just been sold to the European 


Broadcast Union for $250m, against 
$90m for Barcelona. 

Visa, the present lead sponsor, is 
thought to have paid about $20m 
and the others about SI4m each, 
either in cash or services and 
back-up technology. Like all other 
TOP sponsors. Bausch and Lomb is 
using its Olympic connections for 
other marketing purposes. It calcu¬ 
lates that its TOP contribution is 
“probably doubled or near tripled” 
when other planned promotional 
programmes, which are given an 
Olympic twist this year, are taken 
into account. 

Even those not sponsoring the 
Games directly through TOP regard 
the event as a crucial TV advertis¬ 
ing vehicle. According to the US 
trade magazine Adweek, General 
Motors has bought $40m worth of 
television advertising time in the 
US over the next fortnight, effec¬ 
tively blocking out some of its main 


competitors. Adweek calculated that 
Honda and Isuzu were each buying 
SlOm worth of prime-time TV min¬ 
utes, with BMW and Volkswagen 
spending S4m each. 

Sponsorship ensures that toe Bar¬ 
celona Games are unlikely to make 
a loss. Perhaps the only sensitive 
topic left is the slicing-up of the 
cake. Of the $1.9bn for the present 
TOP period. 75 per cent goes to the 
local organising committees in 
Albertville and Barcelona, as well 
as to the IOC itself. 

The remainder goes to the 
national organising committees. Of 
toe 170-odd countries competing in 
Barcelona, 40 will take the lion’s 
share since they are deemed to have 
the largest markets. The Olympic 
committees of the smaller nations 
- arguably, those with the greatest 
need for cash - will get about 
S15.G0G plus $400 per athlete sent to 
Barcelona. 


A 














V 


VIII WEEKEND FT 


FINANCIAL TIMES WEEKEND 


TRAVEL 


Burgundy: only the real thing will do 

_ . ■ /HJ 11 /- i s* m /t// guidebooks 


Film critic 

T HE SMALL silver-grey 
object hurtling through 
Burgundy once a year to 
or from the Cannes film 
festival is a Honda Ballade, it 
belongs to this writer, who, when 
let out of a cinema, is known to 
attach himself recklessly to a 
steering wheel. 

He is also known to be astounded 
on discovering a real world out 
there beyond the movie screen: real 
people, real trees and. above all. in 
Burgundy, real castles and cows. 

Although the Cote d'Or is. strictly 
speaking, a smallish region to the 
north of Nuits St George, it should 
be stretched to take in all those 
buttercup-covered, cattle-thranged, 
history-haunted Gelds to the west - 
3nd north-west and south-west - of 
Dijon. 

Here is the most beautiful part of 
France. You may keep the Dor¬ 
dogne and the villages of Provence. 
Keep. too. the Loire valley, with its 
hordes of tourists.This region of 
Burgundy is what the world was 
truly like when it resembled a medi¬ 
eval illuminated manuscript. 

Consider first all those entrancing 
motorway signs. Not “Beaune 52. 
Lyon 216" but chose chestnut-and- 
white tourist information signs say¬ 
ing. sometimes with illustration. 
“Vezelay, colline eternelle," or 
“Paysage Availonais." or "Oiseaux 
migrateurs." or "Buses, rapaces. 
utiles." This last refers not to local 
transport facilities but to the heral¬ 
dic-looking buzzards that wheel 
rapaciously overhead. 

Above ail. there are cows and cas¬ 
tles. The cows are white, the castles 
grey to pinkish-brown. The cows 
are more beautiful than any others 
in Europe, large dozy sirens with 
long eyelashes, quizzical muzzles 
and gleaming alabaster hides. Their 
fastidious choice of a standing or 
recumbent position is known to pre¬ 
dict the weather better than any 
other of their kind east of Dover. 

And the castles, unlike the set- 
syllabus ones on the Loire, are 
charmingly battered grandees with 
missing towers or sinking keeps. 
They seem to be growing back into 
* landscape, repossessed by 
Nature. Once they were watering 
holes for the famed Dues de Bour¬ 
gogne, a dynastic foursome that 
saw Burgundy to the height of its 
power between 1364 and 1477. Now, 
scattered widely around a line 
between Auxerre and Beaune, the 
castles testify to the ivy-threatened 
ephemerality of power. 

Rather than list them all, let me 
try you out on the poetry of their 
names - Aney-Le-Franc, Le Chas- 
tenay. Couches. Chateauneuf-en- 
Auxois - and home in on two 
favourites. Bussy-Rabutin. near Fla- 
vigny, north-west of Dijon, is a din- 
ky-toy version of Chantilly. Four 
cream-coloured towers surround an 


Nisei Andrews , motoring aimlessly around French country lanes, finds more delights than in all the guideb 

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Scattered widely around a line between Auxerre and Beaune, the area's castles testify to the ivy-threatened ephemerality of power 


originally medieval house, the 
facade of which was revamped in 
the 17th century by Roger de Rabu- 
tin. 

Roger, a colourful fellow, was 
exiled there by Louis XIV after con¬ 
tributing some scurrilous lyrics 
about the king's love life to an orgy 
that he. Roger, attended. Once so 
sequestered, Roger wrote the sala¬ 
cious Amorous History of the Gauls, 
available from the chateau book¬ 


shop, and had the walls painted 
with allegorical tableaux. 

Many of these were also sala¬ 
cious, but they were so deeply 
encoded in symbols that few today 
can understand them, least of all a 
British film critic trying to follow 
the fast French of a lady tour-guide. 
At least we can wonder at their 
surreal oddity - here an exploding 
haystack, there a giant onion sitting 
in a road, here a female nude, there 


a flailing red-eyed monster of no 
known sex. 

My other favourite among Bur¬ 
gundian chateaux is Commarin. 
north, of Beaune. Lost somewhere in 
time and an overgrown French vil¬ 
lage, it could be auditioning as a 
location for Le Grand Meaulnes. 
“Through two 18th century gates 
one penetrates into the Court of 
Honour" (I translate from Henriette 
de Ganay’s useful Les Routes des de 


Dues de Bourgogne, price FFr18). 
The castle, never sold, has been 
lived in by the same family -since 
the 24£h century. And the 16th cen¬ 
tury tapestries are dazzling: flamin g 
globes, mermaids, &ons in eveiy 
known heraldic position, and scrolls 
with teasingly obscure legends 
{Tout le desic Aigre et douce!). 

There is another modest centre of 
magic in Burgundy and one that 
nourishes both cows and castle- 


dwellers - the source of the . Seine. 
Tucked away near the village of St 
Germain,- this little-signposted 
enclosure of tree and field and 
water belongs‘to the city of-Paris. 
Paris is possessive about its noble 
river, howsoever humbly if gushes 
forth from beneath a nude stone 
Nereid presiding over a fake grotto 
in this undersong tourist site. 

In truth, there are several other 
sources if you go walkabout In the 


region. But this was deemed the 
principal one by Napoleon III who 
erected a piaepie to the grotto s left. 
In the harsh sunlight one can 
barely read the incised legend, so 
why not turn to the more helpful 
English-language guidebook. 
“Water courses uncompromising 
out cavern," it says, “beginning its 
mighty arch through a land of ror- 
est to the grand burg.” 

The grandest burg around here is 
Dijon, closely followed by Beaune. 
This brings us to the subject of 
cooking. I have tried to put a tactful 
distance between ray last mention 
of Burgundian cows and ray next 
topic, which is baeuf a la 
Bourguiguonne. As made in 
Burgundy, it is an indelible 
experience. . . . . 

Using good meat marinaded for 
about six years, the dish sends 
flavours rocketing around your 
mouth. Wine, onion, mustard, 
bacon, garlic, herbs a hint of 
orange - and all this swilled down 
with a good bottle of St Emilion. 

- if you cannot bring yourself to eat 
the beautiful white cow of the Cote 
d'Or. the other Burgundy special is 
jambon braise d la creme - 
succulent slices of ham covered 
with a brandy and cream sauce and 
garnished with... but that is 
enough. I am sitting in a London 
flat and Burgundy is too Ear away. 

There are few. if any, bad 
restaurants in this region. But my 
happiest eating experiences have 
been, in a little town called 
Amay-Le-Duc, where Chez Camille 
gets rasetted by Michelin and other 
cheaper dining-rooms are barely 
less good. As for accommodation, 
its proximity to the motorway and 
its modest prices make the Val Vert 
at Pouffly-en-Auxois a good bargain 
(beware of the ants in Room 21). 
Dyon and Beaune are full of good 
• middle-price hostelries, many taken 

. over by the voracious Mercure and 
Altea chains. 

There is one more thing worth 

- saying about Burgundy. You should 
mot go simply to the places you are 
told to go to. Motoring aimlessly 

; around country lanes, one finds 
more delights than in all the 
guidebooks. At Clomot, near 
Pouilly, there is a gorgeous view of 
a private chateau with a long 
lilac-topped wall and a white horse 
grazing in a stream below. At 
Pouilly itself there is a magically 
overgrown railway station, last in 
active service when Claude Lelauch 
directed Jean-Louis Trintignant in 
some French film whose shooting 1 
stumbled on six years ago. 

And at almost every turning in 

- every road there is a view of Tush 
green hillsides studded with 
whiler-than-white cows. The sight 
makes one swear off beef for life. Ch¬ 
at least until dinner-time, 
whichever comes sooner. 


i HOLLINGTON HOUSE 

... a fine hotel near Newbury Berkshire ... 

"A Second Honeymoon" 

Large spa-baLhs, copious supplies of foam, huge 
double beds, cuddly duvets, and breakfast in bed might 
just be the tonic you need. A stroll through 14 acres of 
woodland gardens, dip into the pool or perhaps a game 
of tennis followed by a delicious candle-lit dinner 
from just £175 per person for any 2 nights. One hour 
west of London, take junction 13 of the M4. Phone for 
details today or tick the coupon. Tel: 0635 255100 


ST. BRIDES HOTEL 

San nde refoot Dyfed SA69 9NH 
AA * u RAC *** 

A lovely hotel on die 
Pembrokeshire coast in an 
unspoilt comer or West Wales. 
Dramatic views. H e ated Pool. 
Locally caught fish and seafood. 
•THU UNWINDER 1 - 
3 relaxing days by the sea., 
from £130. 

THE CRUISER'... 5 days to 
explore... and to be spoilt— 

2 from £220 

For colour brochure, please write 
or phone 0834 812304 


LONDON SWI 


ELIZABETH 

HOTEL 

& APARTMENTS 


37 KCCLESTON SQUARE. 
VICTORIA, LONDON SW1V IPB. 
Tel: 071-828 6812 

InUnaM. Iiiendl >. pruoic hold in kksd. urwial. 
■fact kxsUni ovtHtokaj magnified* pmJeffii 
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Rowan iron if,3 00 including good 
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Also kuiay 2 bedroom a srodio apaitmcnK 
(min. kt J months) 

COl-OUR BROCHURE AVAIMBIJE 
Egon RonayffiAC Recommen4ad 


AA Red Star 


- HOTEL- 

TRURO 

Enjoy the Splendour of u Bygone Age; me names l of Welcomes and a Memory to 
Treasure ol ComooW, Premier Country House Hotel set in 
6 acres of gardens a short walk from the Cathedral City of Truro 
-STOP PRESS' 

SUMMER BREAKS 

2 Nights Dinner, Bed 2k Brook fan £98 per person- 7 Nigbu £343 per person 
AUTUMN BREAKS: FROM 1ST OCTOBER 
2 Nigbu Dinner, Bed & Breakfast £90 per person. 7 Nigbu £315 per person 
FOR RESERVATIONS TELEPHONE-. 0872 76633 


TOWER 


Von ran non slay 
In one of Britain's most 

unusual Follies 
Souring over 200 tea abuse 
luntand between The New 
Fiscal and Satan. Sway 
Tower IMS’ provides imaul 
sad iriffT 

■rliji excellent b) our 

Please tricphoac 
0590 682117 or Tax 
0590 603785 fw full 
iafonnaltai and brochure. 


A HOLIDAY HAVEN 
Set in 100 acres of beautiful 

Devonshire Countryside 
•Tennis "Squash 

* Swimming Pools ■ Jacuzzi 

* Sauna * Steam Room 

• Solarium and " Restaurant 
Choose from accommodation in 
a fabulous Georgian Mansion or 

a select luxury sclf-catcring 
Holiday Cottage. 

Please write (o: 

The Manager 
The Estate Office 
Widworthy Court g 
Wilmington 
Nr Honiton 
Devon EXI49JN 
or TELEPHONE: 0883744845 


ASTON COURT 

is a lovely thatched Tudor 
house of great charm and 
character nestling on the 
eastern edge of Dartmoor. 
Here you find peace and 
tranquility, comfort and 
good food. 
AUGUST ONLY 
MIDWEEK BREAKS 
(Sun-Thurs Inc) 

3 nts £126 DBB. 4 nts £156 
D8B. Also 7 nts £252 DBB. 
AUGUST BANK HOLIDAY 
3 nts £135 per person 
0647433469 
Easton Cross, 
j q Chagford, Devon 



ANDIUHNCSrASUS 
- Cashd Co-Galway 
Teb( 010 353 95)31001 
fioc 31077 



"AH the Ingredients are in place-." 

To delight the discerning at our 
family's 16th Century Hotel dote to 
glorious Exmoor and N. Devon's 
stunning coastline. ' 

Summer Breaks from £9000 
TELEPHONE NOW ON: 0271812149 
Michael and Jose Gross 
Foyer* Hotel. Wraftan 
Braunhm EX332DN 


VISITING LONDON FOR 
business or pleasure ? 
ENJOY 

■ OUR LOCATION- In central London 
next to Hyde Park. Two blocks from 
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ANNA HOTEL 11 
74 Queeuboroagh Terrace 
London W23SH 

Tet 071-2214444 Fir 0717929656 


AA”” RAC 


LUXURY BREAKS 
Victorian Manor House 
Set in 300 acre* of hitblde woodland 
Ideally located for exploring the 
beautiful Gwent Countryside. 
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frefar Janes, Welsh Chef of the Year 
Indoor Pool & Lawn: FscSiiicc 
£45.00 per person per night 
Dinner, Bod sad Breakfast. 

(Fri, Sat or Sun) 

The Cdiic Manor Hffld»CoUia 
Woods • Newport • Gwent • NP6 2YA 
TEL: 0633 413400 


LONDON 

ELIZABETH HOTEL 


A One Choral London Hold with a 
superb location oyerioolong Hyde Rule 
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• -iq 

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* All rooms with direct dfal 

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London'W2 3PF 

Tct 0T71-4026641 fiu: 071-224 8900 


AA 73% 




THE NEW FOREST HAMPSHIRE 

TLe 

* Four Poster Beds w , a * Ideal for visiting 

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* Cosy Lounges Hotel Museum, 

* Gourmet Cuisine *’ ' 


* Fine Wines 

* Complimentary 
Membership 
to nearby exclusive 
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* special breaks 

FROM £50.00 PF.R 
PERSON 

Telephone: Beaulieu 
(0590)012324 



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GARDENING/FISHING 






*■05 


* 



Arthur Hellyer admires three trial 
sweet peas from Unwins Seeds 



VISIT to the sweet 
pea trials of Unwins 
Seeds, in Cam¬ 
bridgeshire, 
Britain's biggest producer of 
new sweet peas, revealed much 
about this little-publicised side 
of the flower seed industry. 
The trials comprised nearly 400 
seedlings, but only three were 
selected as new varieties for 
next year’s market 

There are two types of sweet 
pea which are popular with the 
public and produced for sale on 
a large scale. They are the 
Spencer type, which has four 
blooms per stem, and the Mul¬ 
tiflora, or Galaxy, type which 
has more. 

Since it is almost impossible 
to get more than four flowers 
fhlly open and fresh at the 
same time - and faded flow¬ 
ers. or unopened buds, are 
unacceptable' to those who 
exhibit sweet peas - the Spen¬ 
cer type is favoured -for show 
purposes. By contrast, Multi¬ 
flora is popular with those who 
grow sweet peas in the garden, 
or as cut flowers for the home. 

It makes a fine show, uno¬ 
pened buds look attractive and 
faded flowers can be cut off. . 

Breeders axe always looking- 
for changes, such as in flower 
character or colour, as hap¬ 
pened nearly 90 years ago 
when the first Spencer sweet 
peas, with their attractively- 
frilled petals, appeared among 
the old unruffled Grandiflora 
type, which is still grown but 
not on a large scale. 

Such large mutations are 
rare and, for the most part, 
only minor differences in 
flower size, shape and colour 
are being obtained. For exam¬ 
ple, 1 saw sweet peas with ' 
slightly hooded petals which 
gave the flowers a deeper look 
and would certainly be worth 
following up. But this form is 
not yet ready. The three new¬ 
comers which have been cho¬ 
sen for next .year, and. will be 


on 6ale in a few weeks, are Her 
Majesty and Daphne, both 
Spencer-type sweet peas, 
Columbus, a Multiflora. 

Her Majesty is ruby-rose, a 
striking colour which I like 
very much and imagine will be 
immediately popular. Daphne 
is officially described as laven¬ 
der, although that suggests to 
me a cooler tone - than that of 
this, very. beautiful flower. 
Columbus is a very light blue, 
witti c^eam : undertone, cer¬ 
tainly unusual and highly 
regarded by the Unwin special¬ 
ists but not a colour greatly to 
my liking. All three are 
sweetly scented - anyone who 
doubts the perfume of the mod¬ 
ern. sweet , pea should have 
been with me that mild, rather 
humid morning when- the air 
was full of sweetness. 

A peculiarity of the sweet 
pea flower is that it is nor¬ 
mally self-fertiHsing. If one 
wants to make a cress between 
two different varieties, one 
must do it by hand, first 
removing the anthers before 
they have ripe pollen from the 
flowers that-are to produce the 



Time for a flirt 
among the petals 


Sweat pea Diana: another variety from Unwins 


seed, then transferring ripe 
pollen from the other chosen 
parent to the ripe stigmas of 
the emasculated flowers. 

In their first generation, 
these hybrids may appear even 
in character, as many FI 
hybrids do, but in subsequent 
generations the characters of 
the two parents will segregate, 
giving much wider variation 
from which to select 

The difficulty then is to re¬ 
create two breeding varieties of 
any particular seedlings which 
may seem desirable. Some¬ 
times, the professionals pass 
this kind of work on to ama¬ 
teurs, who can have fun for a 
few years before selling them 
back to the professionals. 

For trial purposes, Unwins 
sow their sweet peas about 
October 10, ten seeds in each 
five-inch pot, in John Innes No 
2 soil-based compost The seed¬ 
lings are over-wintered in 
frames and are planted out¬ 


doors at the end of March 
where they are to flower. The 
seedlings are allowed to grow 
naturally without removal of 
side-shoots and are widely 
spaced against wire-netting 
supports. They are at their 
peak flowering by late June 
and are setting seed by July. 

Unwins has an arrangement 
with a relative living in New 
Zealand which makes it possi¬ 
ble to get a first seed crop by 
early the following year and so 
hasten the process of getting 
the new varieties to market. 

It is also possible to grow 
sweet peas from seed sown in 
February or March in a tem¬ 
perature of from 10’C to 20"C. 
the higher temperature to be 
preferred. These seedlings can 
be planted out in April or early 
May for summer flowering. 
Seed can also be sown in the 
open ground in April but with 
rather more risk of losses In 
germination. 


Some varieties, especially 
among the blue and maroon 
colours, produce a proportion 
of seeds with extra bard coats 
which absorb water with diffi¬ 
culty and so may be slow to 
germinate. The traditional 
remedy for this is to chip hard 
seeds with a pe nknif e, taking 
care to do this on the side of 
the seed away from the eye or 
germ. A quicker and safer way 
is to rub the seed (again on the 
smooth side) on sandpaper to 
scarify the hard coat 
In contrast to this problem, 
some seeds, especially among 
the orange and cream shades, 
are soft-coated. Sometimes the 
seed coats actually split mak¬ 
ing them unattractive in 
appearance. These soft seeds 
are more sensitive than normal 
seeds to cold or wet and need a 
little extra care, such as 
choosing a porous seed com¬ 
post and maintaining a genial 
temperature. 


Plant of 
the week 

Penstemon 

Schoenhotzerl 

THIS IS one of the best 
bright, red hybrid 
pen stem ons.. ft also 
appears In nursery 
catalogues as firebird 
and ruby - attempts to 
give it a. more acceptable 
name for the 
English-speaking market 
~ but Schoenhoizeri Is 
correct. It Is an evergreen 
perennial which may be 


damaged by cold In winter 
Indeed, it can even be 
killed - for which reason 
It Is wise to root cuttings 
In August or September 
and over-winter them In a 
light but frost-proof place 
before planting outdoors 
in spring. 

it grows about 3 ft high 
and has slender spikes of 
tubular flowers which are . 
produced successfully, 
most of the summer, 
making K very useful both 
for borders and for use as 
a bedding plant tt thrives 
in all fertile soils and 
sunny places_...... AW 



T HE first rose season 
has ended in a mass 
of sodden petals: after 
this week's storms, 
what are the prospects for a 
second? Poor roses, we expect 
so much of them. We want 
scent, colour, resistance to 
weather and flowers in at least 

two seasons. 

Second seasons are vastly 
better if you and I take trouble 
over them. We have to prune, 
feed, water and do our own 
research. This weekend, we 
should start by deadheading 
any rose which might flower 
for a second time. Deadheading 
is a most therapeutic job. espe¬ 
cially before br eakf ast or in the 
half light of a warm evening. 

Like any therapy, it needs to 
be done properly: it involves a 
small degree of pruning. Do 
not cut off only the heads and 
leave bits of stem which 
wastes energy before they die 
back to the nearest pair of 
leaves. Cut tbem back to 
healthy leaves immediately 
and throw them away. 

If possible, feed any second- 
season roses with diluted Phos- 
trogen. sprayed ail over the 
leaves. Repeat this feeding 
every io days or so: specific 
rose feeds might be even bet¬ 
ter, but I use Phostrogen 
because it suits every other 
plant in the garden and is 
effective but vastly cheaper. 

All the care in the world will 
not make a once-flowering rose 
flower twice. Breeders have 
concentrated on the double 
season, except among ram¬ 
blers. Many of tbeir modem 
varieties will flower twice, hut 
many of us wish they did not 
even flower once. 

Older roses have more flow¬ 
ers. better colours and better 
scent. The choice of long-flow¬ 
ering varieties is much more 
skilled. If you want an old rose 
whicb flowers almost continu¬ 
ously, you should choose a 
pink China Rose and learn to 
live with its slightly harsh col¬ 
our. Alternatively, you can 
convince yourself that you are 
one of the many gardeners who 
likes small roses of purple fus- 
chia-red. Here, one old-fash¬ 
ioned variety has a strong 
scent and an admirable record 
for flowering twice. 


It is called Rose de Rescht and 
will suit any small garden 

because it can be kept to a 
height and width of 3ft. As it 
grows over, its potency fades. 
Tt needs to be pruned hard 
each year if it is to perform 
twice from middle age 
onwards. I have heard it said 
that a pot pourri of this rose's 
petals will do similar wonders 
for the stamina of older own¬ 
ers. but 1 leave you to find out. 

Neither of these two easy 
roses ranks high on my list for 
colour. I much prefer pale 
pinks, stripes and crimsons: 
here I continue to learn, helped 
by the book of a great rose- 
grower. Peter Beales' Classic 
Roses. The original 1985 ver¬ 
sion has now been merged into 
a bigger dictionary called sim¬ 
ply Roses and costs £35. 

Peter Beales distinguishes 


Robin Lane Fox 

is keen to improve 
the stamina of 
his roses 


repeat-flowering roses {marked 
R) from continuous flowerers 
(marked C). He would be tbe 
first to admit that repetition 
and continuity depend on the 
season, soil and owner. Ever- 
suspicious. I have been fishing 
round his C's, hoping at least 
for an element of R. Some¬ 
times. I have ended up with my 
own rating. BABS: it stands 
for. well, Bloody Awful Black 
Spot. Sometimes, 1 have had 
only one flowering, but there 
are some near-C's too and if 
they are C with me on a stony 
Cotswold soil, they will C like 
mad for Essex girls on rose- 
rich clay. 

Among climbers, the choice 
is pretty obvious. The mosr 
continuous is Kathleen Harrop. 
the parie pink sport from the 
stronger rose-pink thornless 
Zephirin Drouhln. On my soil, 
Kathleen scores high marks for 
BABS too. but she certainly 
flowers for months and is easy 
to train on to wire or into a 
low hedge because she has no 
thorns to catch you unawares. 

Among bushes, try the but¬ 


ton-pink Jacques Cartier, my 
No 1 R which is almost C and 
certainly more C' than its close 
relation, the fuller and more 
pink Conte de Charabord. 

Light pruning-will keep Jac¬ 
ques Cartier about 3ft high and 
wide, making it a marvellous 
old rose for small gardens. This 
Portland variety was bred in 
1868 . but ib almost unobtaina¬ 
ble, except from a few special¬ 
ists. I have seen it in France, 
growing with gusto near Aix- 
en-Provence. The leaves are 
tough and the flowers will 
stand sun: perhaps it could be 
more widely marketed for 
expatriate demand. 

As for the striped roses, 
Beales gives a C to the pale 
Vick's Caprice and a R to the 
darker Ferdinand Pichard 
which is flecked with white. I 
would give Vick an R and 
Ferdinand a half-R if you feed 
him properly. Certainly, they 
are the longest-flowering 
choices among old-fashioned 
forms with stripes and 
splashes and they refute the 
people who dismiss these col¬ 
ours because they last only for 
a fortnight. Among the oldies, 
they are good ones to choose, 
but like orher oldies, they can¬ 
not always keep up the act all 
summer. 

What matters about an oldie 
is its quality and fashion, not 
its date of birth. Gardeners can 
be more relaxed about these 
matters and 1 am pleased to 
find that Beales gives the cov¬ 
eted C to many of the more 
recent varieties with China 
Rose blood in their pedigrees. 

i have never found that the 
pink Madame Butterfly is as 
continuous as he implies, but 
this year. 1 have filled a gap iu 
the spectrum by finding a gen¬ 
uinely C dark red. Admittedly. 
Mme Louis Laperriere is even 
younger than I am. having 
started life in 1951. However, 
she grows only 2ft high and 
really does flower every fort¬ 
night. beginning with young 
flowers of a splendid dark red. 
She is not strictly an old rose, 
hut the height and colour are 
most convenient. Every grower 
except Beales seems to have 
forgotten her. but who could 
resist a true C in red with a 
name as elegant as hers. 


A Mecca in the West 

Jonathan Young picks good-value hotels for fishing holidays 


y 


T here are' salmon. 
And there is fishing. 
And then there are 
the fortunes sacri¬ 
ficed trying to connect the two. 

Three seasons ago I saw a 
thigh-bop ted character off-loaid- 
ing fish, from the bach of a 
Bentley. Five minutes and 28 
fish later he told me that he 
was “reasonably satisfied” 
with his haul, caught on the- 
prawn on the Tay, in Scotland. 
I remarked that his fishing 
must be expensive on such a 
great river. He Inhaled deeply 
and held up his cigarette; 
“Stop for a fag and the time’ll 
cost you 12 quid." 

The Tay,' Spey and Tweed 
are the holy trinity of salmon 
rivers, but the lesser- meccas 
for the .fisherman lie.-in 
England’s West Country. The 
rivers babble through Exmoor, 
Dartmoor and Bodmin, jolly 
rather than , grand, surrender¬ 
ing their fish to those with 
luck and doggedness rather 
than fist-thick wallets. 

: Tbe river Barle clatters past 
within view of the Carnarvon 
Arms' dining-room,.hurrying 
those still at breakfast. The 
hotel, just outside Dolverton, 
on the Devoo-Somerset border, 
owns 5 l /t miles of fishing on 
both the Barle and its big sis¬ 
ter, the Exe. 

■ Shaun Blackmore is wine 
waiter at night, ghillie by day, 
able to advise on both a bur¬ 
gundy and tbe hook size of a 
Mallard & Claret He oversees 
the fishing-fly cabinet next to 
the reception desk, at the end 
of a hallway lined with rod- 
rests and two sets of scales. 

Utterly wild, scarlet-spotted. 
West Country trout eat fru¬ 
gally In the peaty water and 
seldom weigh more than three 
to the pound. A pounder is a 
specimen. A two-pounder has 
abandoned the meagre insect 
protein: he is a cannibal. “Of 
course, you could try for an 
early spring salmon,” suggests 
Shaun, now in ghillie role. 

Half-an-hour later, flicking a 
Silver Doctor over the Exe- 
bridge Fool. I am joined by a 
dipper, which bobs briefly 
before disappearing underwa¬ 
ter in search of caddis-fly lar¬ 
vae. ■ Good fishermen concen¬ 
trate on fishing, hot birds. 
Gazing upwards, gathering in. 
the line ready for the next cast, 
it stops abruptly: The rod tip is 
jerked downwards - but sadly ., 
an algaed branch, not a silver 
salmon, slides to the surface. 

The chill of Exmoor water 
decanted down a slipping 
wader is sufficient'iMucement 
to - return to the hotel's draw¬ 



ing-room. There are three to 
choose from in this most 
old-fashioned of hotels, each 
with apple-log fires and sopo¬ 
rific armchairs. The wine list is 
reasonable and packed lunches 
are readied at an evening’s 
notice. The-hotel’s seclusion 
makes it popular with couples. 

The Half Moon Inn is so 
secluded it- could hide Eliza¬ 
beth Taylor. Secreted in Sheep- 
wash, north Devon, it is known 
only to locals and fisherman, 
the latter migrating there 
every April and May. This is a 

serious fi ghlng inn . The two 
irmffts brothers have run it 
since 1958, Beujie keeping the 
vast wine cellar while Charles 
juggles' cooking and fishing. 

Charles is initially brusque: 
“Everybody who’s here this 
weekend is a regular. Been 
coming for years. So we don’t 
get the prats who whinge if 
they don’t catch a-fish.” This 
event statistically becomes 
ever more commonplace. 
Charles explains: “When my 
parents bought this place 35 
years ago there were six fish¬ 
ing pubs on the Torridge and 
tbe 2% miles of river we had 
here at Sheepwash would pro¬ 


duce 80 salmon. Now we have 
to rent some of tbe best beats 
on the Torridge to catch 30." 

The statistics do not unduly 
worry the many anglers hud¬ 
dled into the fireplace end of 
the flagstoued bar, where they 
are outnumbered, two to one, 
by tbe malt whiskies. Opposite 
the bar is a photo-montage of 
anglers cradling salmon, as 
happy as if they were holding 
their first-born (actually, they 
look happier.). The faces 
around the bar match the pic¬ 
tures; this is a fishing inn for 

the cognoscente. 

Beginners would do better to 
book in at the Arundel! Arms 
Hotel in Uftoo, two miles away 
from the Tamar, "beyond which 
Cornwall begins and, so Devo¬ 
nians maintain, England ends. 
The hotel is run by Anne Voss 
Bark, a woman of poise and 
authority; she is also chairman 
of the local branch of the 
National Rivers Authority. 

Four rivers - the Thrushel, 
Wolf, Carey and Lyd - stall 
down from Dartmoor to her 
fiefdom, where they merge 
with the Tamar. The Arundell 
Arms has the fishing on 20 
miles of them, with beam of 


between half-a-mile to 1% 
miles. Salmon run the Tamar 
and the Lyd. and at night both 
rivers will surrender sea-trout, 
but only to anglers who can 
cast a fly with the delicacy of a 
diplomat. Those who crack 
their fly rod like a Ben Hur 
charioteer will find these wild 
fish unforgiving. 

However, salvation is at 
hand. Anne Voss Bark's hus¬ 
band, Conrad, runs a series of 
courses, ranging from a week¬ 
end’s introduction for tyros to 
advanced salmon-casting. 

The salmon run to 101b, 
though lurking leviathans are 
suggested by the tubular brass- 
scale in the hallway, marked 
"Salmon" and calibrated to 
221b. Even more optimistic is 
the trout-scale, notching up the 
half-ounces to the 41b mark. 

Only Horace ever reached 
that weight Embalmed in var¬ 
nish, he stares glassy-eyed over 
the instruments of his destruc¬ 
tion lining the hotel entrance 
- a brass Hardy reel; a bam¬ 
boo fishing-pole; a collection of 
battered fishing flies. 

For years this tyrant trout 
was a finny friend of all who 
stayed at the hotel, then under 
the command of Major Oscar 
Morris, who ran it for bis 
chums. All initiates to this 
charmed circle were invited to 
drop a fly over Horace’s nose. 
Disdain was the only reaction. 
One Commander Chilton knew 
nothing of this when, in 1942, 
he broke off from war to spend 
some leave at the hoteL He 
came. He cast He caught Hor¬ 
ace. Returning triumphant, the 
Commander was met by disbe¬ 
lief. then horror. The stuffed 
fish remains, in admonish¬ 
ment 

■ Jonathan Young is editor of 
The Field. 

m INFORMATION: 

Tha Carnarvon Arms Hotel, Dulvorton, 
SoftMi-ttt, TA22 SAC, tot: 038M3302, 
fax 0NM4022. Salinaa-flaMng: from 
to per day, Fobniary-Jimo, to CSS In 
September- Trout Rabbin: £7 par day. 
IS March-14 May, Aufluet; 02 betwee n 
IS May<30 September. Standard dou¬ 
ble roam. Including too, dtenar, braofc- 
fast and VAT. £52 to £82 par parson. 
Tha Moon ton, Shaapw aah , Sea¬ 
worthy, Devon, EX21 5NE, tel: 040- 
923232/370- Salmon and Cco-trout 
citso per day, 1 Marcb-W April; do. 

1 May-30 September. Trout £0. 15 
March-30 September; Double room, 
dinner, broakteet and VAT, C41-C44 pp. 
The Arundell Arms Hotel, Litton. 
Devon, PL16 BAA, ioV: 05S6-A4M6. 
Beginner's weekend course: £120. 
Advanced salmon-casting weekend: 
£84. Spring Irout-flshlng waakand! 
£122 Including two nights' accommo¬ 
dation, dinner, breakfast, Hotting and 
VAT. Salmon and sea-trout: from 
£13.30 (AprU] to £21 JO (September). 
Trouc £13.30. Sea-trout £14. Double 
room. Minor and breakfast: waak an d 
rate (two nights) - £30 pp. Inc. VAT 


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FOOD AND DRINK 


A French defence against the world 


T 


HE MOST nuaglna¬ 
tive innovation of the 
French wine authori¬ 
ties iu the past 20 
years was the initiation in 1973 
of the category of Vin de Pays 
- French country wines. 

After the reform of superior 
vineyard areas started in 1935. 
with the Appellation d'Origine 
Controlee system (AOC). 
backed by the moderately suc¬ 
cessful Vin Delimite de Qualite 
Superieure tVDQS) classifica¬ 
tion in 1951. the industry was 
left with an enormous wine 
lake. 

It exceeded half the coun¬ 
try's annual production and 
used to be called Vin de Con¬ 
summation Courame. but now 
bears the EC title Vin de Table. 
This was subject to almost no 
control beyond a minimum 
alcoholic strength of 5*. 

The majority of Vir. de Table 
came from the Midi, presenting 
a problem as much social and 
political as vinous. To inter¬ 
pose a further control system 
that did not insist on specific 
grapes local to a particular dis¬ 
trict. and over-restrictive maxi¬ 
mum yields on wines bound to 
sell at low prices presented 
some diffi culty. 

But, after an enabling decree 
in 1968, production started in 
1975 under specified rules, fol¬ 
lowed in 1979 with detailed pro¬ 
duction practices and mini¬ 
mum analysis standards. 


Edmund Penning-Rowsell on the low-cost country wines of France 


♦ * f. 



Provence: a big percentage of vin de pays is produced here 


A Vin de Pays is a table wine 
with a geographical origin. The 
grapes for each must come 
from a recommended list in it* 
department, the yields most 
not exceed 90 hi per ha. and 50 
for a few zonal or regional 
ones. The minimum strength is 
9" but 10’ in the Mediterranean 
regions. 

Yields must be declared and 
the relevant denomination - 
as there is often a choice 
between zonal, departmental 


and local. Chemical analysis 
must accompany the request 
for registration, including such 
items as alcoholic strength, 
total acidity and sulphur diox¬ 
ide content This is followed by 
a tasting by a panel including 
growers, merchants, and oenol- 
ogists. 

There are four regional 
denominations, 39 departmen¬ 
tal and 98 local ones. The 
names on the labels have been 
chosen with promotional care. 


Who could resist Vin de Pays 
du Jardin de France (Loire) or 
Vallee du Paradis (Audej? And 
those who remember Alfonse 
Daudet’s parish priest of Cucig- 
nan may well be encouraged to 
sample its Vins de Pay, its 
7,000 cases of almost entirely 
red wine are largely made by 
the local co-op. 

The greatest improvement in 
French wines today is taking 
place in the Midi, and 85 per 
cent of the Vins de Pays arc 


produced in Languedoc, Rous¬ 
sillon and Provence. This has 
given the peasant growers 
something to aim for and bet¬ 
ter, though still low, prices. 

The figure are impressive. In 
the first authorised year of 
1974. production amounted to 
6 £m hi but was over lira last 
year - half the total French 
Vin de Table and more than 25 
per cent of 1991’s heavily 
reduced wine production. 

In the UK the Vins de Pays 


were launched in 1979, with 
the equivalent of 78JXJ0 cases 
sold that year. Last year, the 
total was 427,000 cases. Now 
they are to be found in every 
supermarket and on every 

wine mer chan ts list, many of 

which include special selec 
tions for them (although these 
often confusingly contain 
wines such as Bergerac or 
Cahors, which are Appellation 
contrdlde and not Vins de 
Pays). Vins de Pays generally 
cost between £3.50 and just 
under £6 a bottle and provide 
almost embarrassingly wide 
choice. . 

The most popular here is 
white Cotes de Gascogne, pro¬ 
duced mainly from die Ugni 
Blanc and Colombard grapes 
grown for armagnac. Some 20 
years ago, this was a very 
depressed area making other¬ 
wise very ordinary Vin Ordi¬ 
naire. Now it produces about 
L9m cases, with Germany and 
the UK the biggest importers. 

The Vins de Pays are 
France's low-price-wine 
defence against the New 
World. The Italians are prepar¬ 
ing to launch a category lower 
than DOC - 1GT Ctodicazioni 
Geografiche Tipiche), which 
very much resembles die Vins 
de Pays system. While French 
wine exports have been gener¬ 
ally faffing , those of the Vins 
de Pays are at least stable and 
may be still increasing. 


Appetisers 


THE West Country Tourist 
Board has published a 16-page 
booklet. The Trencherman’s 
W-’esf Country . listing the area’s 
top 25 restaurants and hotels, 
starting at the Seafood 
Restaurant. Padstow. 

Cornwall. Available free from 
the West Country Tourist 
Board. Tel:0392-76351. fax: 
0392-420891. 

•DCjC 

L’Arlequin. the one-star 
Michelin restaurant owned 
by Christian and Geneviee 
Delteil In Queenstown Road, 
London. SW8 (tel: 071-622-0555) 
celebrated its 10th birthday 
last month. 

The special lunch and dinner 
menus and prices which it 
introduced as part of its 
birthday celebrations have 
now been converted into 


permanent fixtures. As well 
as a three-course lunch menu 
at £20.50 there will be a £28 
set dinner menu. Open 
Mon-Fri, noon-2pm. 

7.30pm-10.30pm. Closed August 
7-31. 

□ □□ 

Cookery writers Sophie 
Grigson and Janet Laurence 
will again run two four-day 
cookery courses for aspiring 
young chefs, aged 11-16. this 
summer, from August 24-28 
and August 29 to September 
3. Held at a country school in 
Sussex, places are limited to 
20 students with five adults 
in charge. Cost is £265 
including board and lodging. 
Contact: Young Cooks of 
Britain, 2 Terminus Road. 
Chichester. West Sussex P019 
2DR. Tel: 0243-779239. 


On November 21st 
The Weekend FT 

proposes to publish an in-depth report on the 

LUXURY GOODS MARKET 

This will examine the whole industry in detail, 
from fashion and cosmetics to watches, pens and 
accessories. 

Above all, the Report will consider the future of 
the luxury goods market in the 1990's and what 
strategies the major brands should be looking at 
for the years ahead. 

To advertise in this report or for further details, 
please contact:- 

Julia Carrick 071-873 4664 
or Genevieve Marenghi 071-873 3185 


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The priest and his busy 
nights with Carmen 

Steve Sonsino on a restaurateur with a mission 


c 


ARMEN has opened 
in Seville. Not the 
opera, although this 
may feature in Span¬ 
ish celebrations this year, but 
a restaurant. It is the latest in 
the empire of Luis i-p«mn a 
businessman with an unusual 
mission: to provide work for 
reformed juvenile delinquents. 

This seems an unusual occu¬ 
pation for an astute restaura¬ 
teur. But Lezama is also a 
priest and if he sees any con¬ 
tradiction in his calling and 
running a highly profitable 
chain of restaurants he does 
not show it. 

“I am using the hotel trade 
to bring people new knowledge 
of themselves," he says with 
great satisfaction. He cites the 
fact that many of the former 
“petty thieves" - he calls 
them his brothers now - are 
in demand worldwide, to teach 
and train others in the Spanish 
cooking styles they have made 
their own. His staff are 
exchanged with Hungarians, 
with Czechs from Prague and 
even with Japanese. 

When not in Seville, manag¬ 
ing the opening of Carmen, 
Father Lezama can be found at 
the headquarters of his restau¬ 
rant chain, the Cafe de Oriente 
in Madrid. Upstairs at this pop¬ 
ular cafe-bar. across the square 
from the Royal Palace, tourists 
and the Madrilenos, chat 
openly, sipping cocktails or the 
numerous Mexican beers. But 
downstairs is more discreet. 
King Juan Carlos is a regular 
guest in the Comedor del Rey, 
the King’s Room. 

The Comedor. once the 15th 
century cellar of a medieval 
convent, is panelled off from 
the restaurant’s 20 or so other 
diners by a trellis wall, inches 
thick, lined with blood-red vel¬ 
vet. Eavesdroppers, intentional 
or not. are foiled by music 
from the discreet but powerful 
loudspeaker outside the only 
entrance to the salon. 

Beneath the high arches of 
the brick-walled King's Room, 
the guests usually remain 
anonymous. The maitre d‘ 
declines to tell diners whether 
it Is the king who lunches or 
whether the guests are high- 
ranking politicians or judges. 
Whoever they are, the diners 
are treated to Micheiin-star ser- 



and the next course arrives: 
sabrumetta. young salmon. The 
dish is decorated with a fan of 
thinly sliced courgettes on. a 
spicy pimento sauce. To accom¬ 
pany the m ea l he offers tender, 
warm, onion bread. 

Though Lezama does not 
take the fish course, he is for a 
moment distracted by the suc¬ 
culent gain-inn “Madrid is the 
finest port in Spain, although 
far from the sea. We buy the 
finest fish here for all our Mad¬ 
rid restaurants." 

It is the emphasis on excel¬ 
lence at the Cafe de Oriente 
that has earned it a Michelin 


Father Lezama: a priest who studies the profit and loss line 


vice by Lezama's award-win¬ 
ning restaurant brigade. 

Across the salon table, 
Lezama does not look like a 
man who has taken holy 
orders. His suits are well cut, 
his glasses expensive. He does 
not sound like a priest, either. 
His talk is of profits, of expand¬ 
ing his restaurant group and oz 
fine foods. Bat, in the early 
1960s, he set himself to work 
with young troublemakers in 
the village of Chinchon and 
then in the suburbs of Madrid. 

In 1974, with the permission 
of the church, he negotiated a 
loan from a local bank and 
boaght a small restaurant-bar, 
Taberna del Alaberdero, which 
he staffed with former offend¬ 
ers. Profit paid the wages and 
the remainder was reinvested 
in the restaurant. 

Now. almost 20 years later, 
Lezama's interests have expan¬ 
ded, with the express permis¬ 
sion of the church, to Include 
an outside catering company 
and six restaurants in Spain, 
as well as a restaurant in the 
US. another Tabemo del Ala¬ 
berdero, in Washington DC. 


What started as a simple idea, 
to create work for young 
offenders, has become an 
empire embracing high quality 
service in the restaurant and 
hotel business. 

What Lezama calls his foun¬ 
dation today employs 370 peo¬ 
ple and has its own board of 
directors. On the board sit 
many of the founder members 
of the first Tabemo del Alaber¬ 
dero, including Francisco 
“Paco" Moreno. “Paco, my 
Paco", says Lezama proudly, 
pointing to the man serving 
the meal, “is now maitre d‘. at 
the Cafe de Oriente." 

Paco deferentially ignores 
Lezama. and continues to pres¬ 
ent the meal, announcing it as 
wild duck in a fine, crisp, puff 
pastry. Lezama in torn 
explains how the pastry nor¬ 
mally takes four to five hours 
to prepare in an oakwood oven. 
However, he boasts, the head 
chef. Santos Garcia Munoz, a 
long-serving member of “the 
family”, can do it in three. 

Without anyone noticing, the 
table has been cleared, the cut¬ 
lery changed by the deft Paco, 


star; -and-enables -it -to charge 
prices ranging from £50-£60 a 
head. “We expect mainly the 
business visitor," says Lezama, 
as if to apologise for the price. 
Upstairs at the cafe-bar, prices 
are also hi g h , usually £35-£45 a 
head. . 

In spite of the high prices 
business is good, reports 
Lezama. The foundation’s total 
turnover is about £2.75m 
(PtsSOOm), with a profit margin 
of 9-10 per cent a year after tax. 

Although the bulk of profits 
are reinvested in the founda¬ 
tion, he explains, all the man¬ 
agers have shares in the busi¬ 
ness, which helps to explain 
their long-term interest 

It would be possible to 
improve the turnover and the 
profit of the restaurants still 
further, be says; but tbe com¬ 
pany would lose any increase 
in taxes. “We prefer to invest 
the money in the resturants 
and create new jobs." 

To prove his -point Lezama 
explains that his empire is still 
expanding. Now Carmen is 
open and, for the first time, 
hotel rooms have been added 
to the foundation's assets, at 
the Tabemo del Alaberdero 
restaurant, also in Seville. 
With only ten suites, the five- 
star hotel was intended to be 
pricy: from £200-2280 per per¬ 
son, per night, depending on 
the season. However current 
rates range from about £140 
per night night Whether Leza- 
ma’s pricing strategy will 
attract the business be seeks, 
and whether his newest restau¬ 
rant is a success, remain to be 
seen But he hopes this latest 
production of Carmen will 
have a happy endin g . 


Through an 
aperitif 

glass, darkly 

Giles MacDonogh considers a few 


B 


pre-prandial stimulants 

and ice still seems i o me to be 
a perfect summer aperitif, pref- 
M-nhiv accompanied by a bowl 


rTTONS do not have 
much truck with 
aperitifs; they offer 

_ their guests “a drink” 

but this rarely has any rele¬ 
vance to the fact that everyone 
is about to eat. White wine 
probably is the most popular, if 
you are lucky, you get cham¬ 
pagne. In old-fashioned houses, 
it is sherry, whisky or gin. 

Apferitifs, however, are not to 
be despised. They serve a real 
purpose: setting the gastric 
juices in motion and literally 
“opening up” appetites for din¬ 
ner. As such, they deserve a 
deal more thought 

As I learn from Andre Dom- 
ind’s useful book Die Kunst des 
Aperitif (Weingarten 1989) - 
which, being written in Ger¬ 
man, is unlikely to reach the 
wide audience it deserves - 
ape ritifs came into being at the 
close of the ISth century when, 
because of file upheaval caused 
by the French revolution, res¬ 
taurants were beginning to 
achieve importance. 

Si gnifican tly enough it was 
the “Father of the Table" Gri- 
mod de La Reyniere who was 
the first to advocate le coup 
d’avant to excite the appetite 
before a meal. Grimod also 
called for a coup du milieu: a 
glass of spirits used to reacti¬ 
vate the appetite in the middle 
of a lengthy dinner or banquet. 
This idea survives as the trou 
normand - a glass of calvados 
being brought to. you before 
the main course. 

The first aperitifs were 
flhginthp. and v erm outh of vari¬ 
ous sorts. Absinthe was finally 
hannpH on hea lth grounds in 
1915. to the next two decades 
fiie market was flooded with 
less lethal finftatlnnfi such as 
Pernod and Ricard.-It was 
Ricard which created the Pro¬ 
vencal myth aro und pastis by 
its advertising which, focussed 
on blue seas and southern 
landscapes. Ricard drinking in 
Marseille - or anywhere else 
- is-no older than the creation 
of the company: 1932. 

Most, of the flavoured wines 
we call vermouth were created 
in the second half of the 19th 
century. Campari was founded 
in 1867, but opened its first fac¬ 
tory only in 1892. Lillet, the 
aperitif wine known to all who 
visit Bordeaux, was created in 
1887; Byrrh in 1890. Some like 
Picon were Savoured with 
chinchooa bark or quinine and 
were thought to be useful in 
combatting malaria in the 
French African colonies. Picon 
was the French colonial ver¬ 
sion of the British g and t 

A glass of pastis with water 


erablv accompar. 
of green olives. Pastis is parur- 
ularir kind to the stomach, 
and, 'unlike a more alcoholic 
aperitif, negronis spring to 
mind, it does not have that 
heaviness which ends up by 
killing your appetite. Younger 
people in France do quite dis¬ 
gusting things to pastis mixing 
it with Grenadine or pepper¬ 
mint cordial. This is not to be 
recommended if you are about 
to sit down to lunch. 

Once in a blue moon t quite 
epjov a gin. Both Gordon s and 
Tanqueray I find too overtly 
flavoured’ with juniper, which 
gives them an almost sickly 
smell. Better are Beefeater or 
Bombay which have more com¬ 
plexity" of aroma. The best gin 
and tonics I ever drank were 
made by a veteran of the 
Sudan Political Service who 
kept everything (even the 
glass) in the fridge. He insisted 
on using oranges rather than 
lemons because they went bet 
ter with the tonic water. 

An American-sryle dry mar¬ 
tini would kill your appetite in 
the majority of cases, but gin 
can be combined with ver¬ 
mouth in less powerful doses. 1 
recall an old headmaster offer¬ 
ing me a vermouth in his holi¬ 
day home in Provence. He 
filled a tumbler three quarters 
full then from under the table 
brought out a gin bottle and 
topped it up. “I thought you 
were offering me vermouth.” 1 
quibbled. "Without the gin it is 
undrinkable,” he replied. 

In certain senior common 
rooms gin and French is still 
the favoured drink prior to 
High Table. People used to 
drink “gin and It” - gin with 
red. or Italian, vermouth; or 
even gin and mixed - a combi¬ 
nation of red and white. It has 
been a long time since 1 have 
seen one of these. 

Bitter drinks such as Cam¬ 
pari tend to be effective when 
it comes to stimulating appe¬ 
tite. In France the equivalent 
of the “Camp sod" (as a friend 
used to call his Campari and 
soda) is often a gentian-based 
aperitif such as Suze. This is 
not for the faint-hearted: for 
many it is like taking a swig 
from a scent-bottle. 

One aperitif I rediscovered 
only the other day was a mint 
julep, made by steeping Bour¬ 
bon whiskey (sic) mint and 
sugar for ten minutes: adding 
more whiskey and crushed ice. 
then stirring. Best Bourbons 
are Maker’s Mark, Wild Turkey 
and George DickeL 



T 


HE TREND is to 
instant - even in the 
world of fresh foods. 
First, there were 
stewing packs of diced root 
vegetables; siir-fry packs of 
bean sprouts with batons of 
courgettes and carrot: and 
whole cauliflowers stripped of 
their leaves and broken into 
sprigs, plastic-filmed and on a 
tray ready for microwaving. 

Now, it is hard to buy rocket 
on its own, although every 
supermarket offers it as an 
ingredient in a ready-washed- 
and-mixed salad leaf pack. And 
vandals seem sst on destroying 


Cookery/Philippa Davenport 

Making the best of beetroot 


VEGETARIAN 
GOURMET WEND 
in the Co Is wolds 7 - 9 August 
A Vt^eurUnsdream come true! 
Vegetarian "Pudding Gulf cookery 
demonstration. Visit to Herb it 
Organic gardens. 4 course Gourmet 
Vegetarian Dinner £125 pp. 
THREE WAYS HOTEL 
MICKLETON. GLOS. 

Tell 403861438429 


the sculptural beauty of pine¬ 
apple which is sold ready- 
peeled, cored and stamped into 
unenticing rings. Next? Proba¬ 
bly ready-peeled-and-pipped 
grapes, marketed as “the ulti¬ 
mate gift for the sick" 

In the face of all this hideous 
trimming, 1 am defiant. I buy 
vegetables in bunches when¬ 
ever 1 can. There is something 
reassuring about their earthy 
exuberance. The biiicicing 
leaves and whiskery rootlets 
fighting to escape the wasp- 
waist rubber bands that hold 
the stalks in check are a happy 
reminder that real food still 
exists. Vegetables should be 
bursting with life when they 
reach the cook. 

In Mediterranean markets, 
leeks and milky-fresh garlic 
often are displayed with their 


long flowing leaves intact. 
Tomatoes may be sold in long 
tresses on the stalk. Herbs are 
tied in sweet-scented nosegays.. 
Ruby and white ribbed ehards 
are offered in colourful 
bunches. So, too, are tiny green 
and violet artichokes, as pretty 
as bouquets of flowers. 

iu Britain, peppery water¬ 
cress and radishes traditionally 
*r? bunched. So are baby tur¬ 
nips and young carrots the 
feathery foliage of which so 
delighted the Stuarts that 
these royals pinned great green 
sweeps of it to their hats). 
Then there are bunches of 
summer beetroots, a welcome 
sight in the shops Just now and. 
stars of my recipe this week 
The aromatic sharpness of 
blackcurrant and the earthy 
sweetness of beetroot team 



well, a glowing partnership 
that is particularly good with 
rich mea ts such as duck 

BEETROOT AND . 

BLAC KCURR ANT 
SALAD WITH DUCK 
To serve 4-6 people, allow 1 x 
545 oz boneless duck breast por¬ 
tion per person. Fry them 
gently in a heavy-based pan. 


cooking them skin side down 
for most of the time to avoid 
toughening the meat and to 
render most of the fiat Pour off 
the fat as it runs from them. 

Let the cooked duck rest and 
cool completely. Carve into 
thin slices for serving and 
spread the cold jellied pan 
juices on lightly-toasted cia- 
batta to eat with the meat 

The beetroots, like tbe duck, 
should be prepared several 
■ hours or a day ahead. Snip the 
leaves off X-l lb of them, tak¬ 
ing care to cut well above the 
bulbous roots or they 
will^bleed” profusely and lose 

- colour in cooking.' 

Do .not. trim the whiskery 
rootlets. Save the leaves to use 

- for another dish: chop them' 
stew in butter and use for 
-stuffing pork or an omelette. 


Wash the roots gently and 
cook them in boiling water 
with a slice or two of lemon for 
an hour or so until the skins 
feel loose (or bake them for 
twice as long in a low oven). 
Cool completely (in the cook- 
tog liquid rf boiled). 

Strip % lb blackcurrants into 
® 3-4 tablespoons 

water and 2 tablespoons sugar 
or more to taste. Cover and 
*** ^ 48 warm 
to flow^ “id the juices begin 

Keep the flame low and 
shake the pan occasionally t0 
encourage even cooking. Fierce 

and/or stirringTks o ™ 

and breaking up the 

you skin and dice 
tim beetroots. Grind plenty of 
black pepper over them, then 
pour on the contents 
blackcurrant pan. Mix gently 
adding a splash of the beetroot 
cooking, water to thin thp 

UtX? and strew with a 
^chopped tarragon, dill or 


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FINANCIAL TIMES WEEKEND JULY 25/JULY 26 19$2 


WEEKEND FT XI 


PERSPECTIVES AND MOTORING 


Tales from the earth / Gerald Cadogan 



X erxes was the 

king of ancient Per¬ 
sia who took the 
long road to Greece 
in 480 BC to punish the Greeks 
for supporting rebels and, 
when he got there, lost the bat¬ 
tles- of Salami s and Plata ea. 
Rather more recently, there 
have been full houses for a 
superlative production of Han- 
del’s opera Xerxes at the Lon¬ 
don Coliseum.. 

Played poignantly as an arro¬ 
gant and capricious despot, we 
find him infatuated with a tree 
as the curtain goes up. Then he. 
has the mad Idea of KnMng 
Asia and Europe by a bridge 
over the Hellespont (Darda¬ 
nelles), bat a storm puts paid 
to this icon of fbUe de gran¬ 
deur. Nor does he get the gid 
he fancies. It is an old story of 
futile pride. But a state-of-the- 
art archaeological project in 
Greece this past autumn shows 
it is not just a story. Xerxes 
really was a man who did 
things on the grand scale. Sub¬ 
soil radar has found the great 
canal he dug across Mt Athos 
to bring his navy down safely 
to southern Greece. 

Long burled and forgotten. 
Dr B.J. Isserlin and an Anglo-- 
Greek" team of scientists have 
located it again with the radar, 
which looks into the ground 
from a sledge. It emits radio 
waves, like conventional radar, 
and measures those that 
bounce back when they hit an 
interruption - a hard task, as 
all there is to detect under¬ 
ground is the change between 
the fill and the sides of 
Xerxes's canaL 
The lack of buried structures 
stretched the new technique to 
its limits. But it found the line 
in 3-D beneath 7-8 metres of 
hill slide, and has plotted it for 
2,200 metres without the 
expense of digging. Its length 
is exactly what the Greek his¬ 
torian Herodotus gives: 12 
stades (or furlongs)- 
Handel's picture follows Her¬ 
odotus, who paints Xerxes as a 
wayward tyrant with whom 
brave little Greece battled (and 
beat) despite overwhelming 
odds. But even Greeks thought 
his monuments in Persia stag¬ 


gering. Ifyou go to Iran, do not 
miss the. palaces of Xerxes and 
bis father, Darius, at Perse- 
polis. Huge- columned hail* 
stand on a great podium. The 
: sculptures show 28 subject 
.nations from the.Ionians (the 
Greeks on the Aegean coast of 
Turkey)-In the West to the 
Indians In the East carrying 
tribute in procession to the 
king. . 

When Darius died in 486 BC. 
Xerxes- inherited Persepolis - 
and problems in the empire. 
The Ionians had revolted in 499 
and Athens supported them. 
Darius went:to punish them 
but lost the battle of Marathon 
in 490. He had to be avenged. 

Preparations for Xerxes 
Greek campaign of 480 were 
stupendous. The army was so 
vast that if could drink a river 
dry, Herodotus says, and 

its length is 
exactly what 
Herqdotus said 
r- 12 furlongs' 

Xerxes numbered ft by corrall¬ 
ing 10,000 men into a tight pen, 
releasing - them, and then 
marching the rest into the pen 
in turn. That gave a total of 
1.7m troops, an exaggeration 
probably by nine or 10 tunes. 
Even so, it was a huge number. 

The Hellespont. is a mile 
wide and flows fast as the 
Black Sea joins the Aegean. 
Although nothing survives, 
and Byron did not bump into 
any bits when he swam across, 
the bridge was a superb idea. 
But Xerxes could not control 
the weather (Handel gives full 
vent to the storm) and the first 
bridge broke. He was so angry 
that he ordered bis men to give 
the Hellespont 300 strokes of 
the lash, saying: “O bitter- 
water, pur master lays this 
punishment on you as you 
have wronged him though he 
has never done you wrong.” 
The engineers were executed. 
The new ones tied two lines of 
ships together, stretched cables 
between them, and laid a road 


secrets 

canal 


on top. Xerxes sat on a marble 
throne to watch the army 
cross. It took two days. 

~ The Athos peninsula was the 
next obstacle. Earlier, the Per¬ 
sians bad lost ships sailing 
round it.. So, Xerxes ordered 
the canal through its narrow 
isthmus ami put men to dig it 
under the lash, in the style of 
the river Kwai railway. The 
Greeks' thought the scheme 
odd, as they were .used to 
island-hopping across the 
Aegean. But the Persians liked 
to keep their land and sea 
armies in touch in alien territo¬ 
ries, for security and fteribil- 

ity- 

Althongh Herodotus 
described this marvel of 
ancient engineering in detail, 
there was no archaeological 
exploration until Isserlin came. 
Tip to now, the search has 
been better than my wildest 
dreams," he says, certain that 
there is a big ditch underneath 
and not a haulage-way for 
ships as at ancient Corinth. 
Eventually, he hopes to dig 
trenches to see how it was con¬ 
structed, but with the accumu¬ 
lated debris and soft ground 
there is a risk the sides may 
cave in. He might, however, be 
able to solve his final problem: 
who were the surveyors? 
Greeks coerced to work for the 
king? If he finds that the 
canal’s dimensions fit Greek 
measuring systems, the likely 
answer is “yes”. 

After Athos, Xerxes marched 
on down Greece, forced his 
way at Thermpoylae (where 
300 brave Spartans resisted to 
the last man) and destroyed 
the temples on the Athens 
Acropolis and in the country 
around, while the Greeks pre¬ 
pared to hold the isthmus of 
Corinth. But be lost his navy 
at Salamis, and the army lost 
.at Plataea the following year. 
Greece triumphed. In 464, 
Xerxes was murdered in a pal¬ 
ace intrigue. 

If Herodotus came back 
today, he would be flighted 
t hat his account of the canal 
stands up so well to modem 
science - and that Handel saw 
Xerxes the same way he did. - 


I N BRITAIN, estate cars 
always have had over¬ 
tones of broad acres, lab¬ 
radors and well-cut 
tweeds. Even today, older 
motorists still call then shoot¬ 
ing brakes. 

It was not like that on the 
continent where the estate was 
reckoned to be a trade vehicle, 
halfway between a car and a 
van. (Curiously, the French, 
who have always made some of 
the best estate cars, still speak 
of them as “breaks." No, I 
don't know why they spell it 
that way, either). 

The first German maker to 
acknowledge that up-market 
buyers.might want a nicely- 
furnished estate car for carry¬ 
ing such things as saddles, not 
aaelwt of cement was Mercedes- 
Benz. For some years, its 200- 
SOOT range of estates has been 
an Industry benchmark. Audi 
(first with the slant-tailed 100/ 
200 Avant, then the new 100 
estate) and BMW (3-series and 
5-soles TOuring) got in on the 
act 

Now comes a new. more 
compact, dual-purpose Audi 
developed from the 80 saloon. 
On mainland Europe, it will be 
called the 80 Avant in Britain 
- where it will not be avail¬ 
able until early 1998 - it will 
simply be the 80 estate. 

A seven-model range goes on 
sale in Germany in October. 
Three have four-cylinder 
engines (two-litre petrol devel¬ 
oping 90 and 115 horsepower 
plus a L941tre, 50-horsepower, 
direct-injection turbo-diesel). 
All are front-wheel driven. 

There are front-wheel and 
four-wheel driven quattro ver¬ 
sions of 80 Avants with five- 
cylinder, 133-horsepower or 
150-horsepower, 2.6-litre V6 
engines. Power steering and a 
five-speed manual gearbox are 
standard; automatic transmis¬ 





•«*... ; ; - ■ 


: ; C>- 


Smart, sporty and compact Tha new Audi 80 estate car - a rivet for the BMW 3-Series Touring - is coming to Britain next year 

Let’s take a brake, dear 

Stuart Marshall on the British fondness for estate cars 


sion will be optional only on 
two front-wheel driven models, 
a four-cylinder and a V6. 

Like all Audis, the new 80 
Avants have the Pro-Con Ten 
system that tightens front-seat 
belts and retracts the steering 
wheel in a crash severe enough 
to shift the engine backwards. 
ABS brakes are fitted to all 80 
Avant quattro models and on 
the front-wheel driven 2.6E, 
but are an optional extra on 
the others. 

Prices and the UK market 
specifications are still being 
discussed. In Britain, though, 
Audi 100 estates are only £721 


more than the equivalent 
saloons. If the Audi 80 estates 
were available now, an edu¬ 
cated guess would price them 
from £14,500 for the entry two- 
litre model to more than 
£22,000 for the V&engined quat¬ 
tro. That would make the least 
expensive 80 estate about 
£1,400 cheaper than a BMW 
3181 Touring, which Audi 
clearly has in its sights. 

In Germany earlier this 
month, I sampled three of the 
new estates: a V6, the turbo¬ 
diesel and a five-cylinder quat¬ 
tro. The V6 was particularly 
refined and still very quiet at 


an indicated 130 mph (209 tenth ) 
even though its low overall 
gearing put the rev. counter 
needle at close to 6 , 000 . 

The higher-geared turbo-die¬ 
sel was almost as tranquil 
cruising at 100 mph (161 kmh) 
on the autobahn although, nat¬ 
urally, it felt far less urgent. 
Buyers may find some compen¬ 
sation in its claimed average 
52.3 mpg (5.41/100 km) fuel con¬ 
sumption. 

On dry and generally smooth 
roads, the advantages of the 
25-litre, five-cylinder quattro’s 
expensive all-wheel drive 
transmission were not obvious 


For armchair motorists ... 


THREE new motoring books make a 
wiry change from those of the “Complete 
history of the side-valve Ford V8* variety 
(does anyone ever read these bar the 
author?). 

In The Green Car Guide (Merlin Press, 
£759), co-authors Paul Nleuwenhnls. 
Peter Cope and Janet Armstrong analyse 
minutely the environmental impact of 
the motor car. 

This is not in the least boring because 
a mass of facts is presented clearly by 
a level-headed, apparently non-partisan 
trio. 

Stuart Bladon’s Observers Cars 


(Frederick Wame, £4.99) is not an A 
to Z guide to everything car on the 
market but a summary of 181 vehicles 
cars he feels are worth writing about 

Two dozen of them have “the invaluable 
and often-appreciated asset” of a top 
speed of more than over 150 mph (245 
kph) and three are rated at 200 mph (322 
kph)plns. 

Just what you need nowadays. Yet, 
an important newcomer like the Volvo 
850 GLT Is not mentioned. 

Never mind; it is an entertaining if 
subjective little book. 

If you like buying cheap petrol or 


sometimes find yourself down to the 
last few litres late at night, Easy Driver 
(Seven Points Publications, PO Box 119, 
Chichester P018 9LY, £3.99) should be 
in your car’s glovebox. 

It lists all supermarkets serving petrol, 
24-hour filling stations, fast-fit and car 
hire outlets and hospitals with major 
accident and emergency departments. 

Also included are the best round-the-clock 
roadside and recovery companies and 
much else to interest a thrifty, 
independent motorist 

S.M. 


because the front-wheel driven 
cars gripped and handled so 
well. 

It would, though, have been 
a different matter on the 
snowy mountain pass where I 
so nearly got stuck in a Ren¬ 
ault Safrane some weeks ago. 

The rear seat back-rest and 
cushion fold to make a flat, 
fully-carpeted load floor. 

You have to remove the rear 
seat head-rests first. But - a 
thoughtful touch - Audi pro¬ 
vides holes into which the 
head-rest supports can slot so 
they will not get lost or dirty 
on the floor. 


MOTORS 


COMPANY DIRECTOR'S CAR 
B.M.W. 3201 (SE) 
Metallic Blue, Full Leather 
Interior, One Owner, 
Immaculate Condition, 15,00(1 
Miles on the Clock, Sun Roof, 
Electric Windows, Suterb 
Stereo, Fully Alarmed. 
£17,500 O.V.N.O. 
Evening Contact Miss Starkey: 
0818714609 or 0831279155 


TO SELL MERCEDES 300 CE CABRIO 41 me 
bni puce. Inside equipment can sn» oe 
chosan Delivery, one cl the In it in Sell- 
Zetland lNihe under number PW-bWW. 
PutrlkUias, CM-I 951 s*wi 


LONDON PROPERTY 


INTERNATIONAL PROPERTY 



* —yi 

f : ;• •; *" 


1 " 

• f + +*■ f 



KENSINGTON 
COURT W8 

Imposing large period bouse 
with part office nse. Three 
niRgnificenl 

rooms, six/tigbi bedrooms, 
staff etc. Sait variety of uses. 

£1,350,000 

FREEHOLD 

071-262 5060 

fReft DMP)_ 

Refiirbishment 
Opportunity W2 

5 storey house with an abundance 
of period features. Quietly located 
in Kildaire terrace. Could easily 
create a fabulous family home, 
comprising 5 beds, 2 baths. Dbl 
recep and self contained basement 
flat, and wen facing garden. F/H, 
£375,000 (but uy an offer). 

Alex Net! A Co. 071 2212000 

BARBICAN. Lara* was! tadng studio. Mod 
Ml Reduced for qulek Ufa £69.950. L/H 
William H Brawn on 636 2736 

CTIY, aca. RIVERSIDE. 1 bad Hal ess .000 u 
a P/s block wnftam H Bicwn 071 636 
2736. 

MUSWELL KILL. 4 badrocm, 3 bathroom. 3 
•toray noose. Snail uckidad gardsn. 
Many original laaajras. £150000 ojio. Tsfc 
061 BBS 0977. 


FINAL 

OPPORTUNITY 
AT JAVA WHARF 

Historic, warehouse-style 
conversion close to Tower 
Bridge with NHBC 
warranty by Bo vis Homes. 
Spacious two bedroom 
duplex 5th/6th floor 
dockside apartment with 
terrace and covered 
parking space. 
Includes carpets. 

£159/950 

Serious offers considered. 
Call now on 071407 6785 


KING'S ROAD, SW3 


Newly built town house in 
tranquil location behind the 
King's Road. Offering 
security, 24 hour porterage, 
garage parking, 3 bedrooms, 
2 bathrooms, reception, 
kitchen/dining room. 
Freehold £375,000. 

OPEN THIS WEEKEND 1 - 6PM. 

Charles II Place 
77 King"s Road SW3 
071-351 9151 


MAYFAIR & ST JAMES'S 

We have a large selection of beautiful 
apartments in this area. 


v V ; 'v*y' '» i - , 

.*.**'* ... . v.*;i 


•1-3 Bedroom Apartments, 4-6 Bedroom Houses 
• Landscaped Gardens 
• Private Parking 
• Security 

• Prime Central London Location 
• Apartments Long Leasehold £180,000 - £900,000 
• Houses Freehold £650,000 - £ 1,500*000 

Visit the Sales Office at S3 Marloes Road, London W8 


Studios from 

1 bedroom flats from 

2 bedroom apartments from 
Houses from 


£85/000 
£100/000 
£150/000 
£220,000 to 
£2 million 


071 938 3350 


ALLSOP 

& co 


071-584 6106 


BANK SJUX WW. WMt K«K OBSlS. 4 Unmotf 
D/Dum tiaa tv Queens Club, or 3 Bods. 
GOrtuTof. Cta. 116 wm Mt6» #» £ 1 MMOL 

SMI tap of package, 'Graham Harris. 071 

724 0433 


t Home & Sons ] 

Tel: 071499 9344 Fax: 071493 2812 


_ LONDON RENTALS _ 

ANDRE LANADVRE & Co 

REQUIRED IMMEDIATELY House or Flat to Ram lor a Long Lbl 3 to 4 Beds, 1 
2 Recep Rooms ESOO n Cl 500 P,W. , 

For Senior Executive Doing iranaterred to Central LONDON I 

! TO LET ABBEY HOAD attractive 2 ole bad 9th flow Flat with excellent view, 
Swimming pool. Garage. Good value ai £550 P.W. 

RESIDENTIAL LETTINGS 
TEL 071 259 5233 FAX 071 235 2342 


PORCMUin TWHACE. LONDON. W2 1MB 
Town Nonas Id vary good order 3 dm. z 
bathrooms, ctoefc room. 3 receptions. MOfr 
am KBenan 3 lermoae. pauo gsitfen. 2 
lam a npw am parting bays. £320000 o.n.0. 
Tafc 071 262 4280. 


071.221 1751 


NKHTMGALE TRIANGLE. Sturm big 4* dad- 
room bo use. 3 receptions, Isunacutaie 
condition. Lsrga gar dan QuKtt tale msen- 
oai. crayna. Tat oai «rs wjs 


PARKS IDE 

• KMC.HT.SimilNiK ■ 
LIXI UY UNFURNISHED 
At'Atn MK.VI .S TO LET 
Mtlltrsli & Harding 

071 • 499.9866 

Mdrlcr & MurliT 

071-235 9641 


TO LET (long or snort ierm} T*o bed too 
bathroom rial in Piccadilly, expe-nelvsiy 
tomwhea Lovsiy riaw over Green Pari. 
References repaired. C4H pvr plus service 
charge. Tat 09M 63*7E6 

UATFAIfl, CHELSEA AREAS. 2 A 3 bod flau 
avail Immed. FlF. Luxury from C20O pivr 
T*1 071-3S5-1IS6 


LONDON-MAYPAIR-CHCLSEA-WEST END. 
Ur*. Fit Rots U, 3 bed avail, unmod Irotn 
CZHJ pie. Tat; 071-3S6-M56 


PORTUGAL 

ALCOBAQA 

(I'/i hours Lisbon. 

2 hours Oporto) 

A truly magnificent modem Quinta. 

Recently buflt to an exacting[y high 
specification. Overlooking this 
historic town and ancient 
monastery. Comprises of 12 
spacious rooms, 3 kitchens. 

laundry, 7 bathrooms and 3 toilets. 

Living area 600 sq. mis., cellars 40 
sq. mu., storeroom 55 sq. mu. 
closed, 18 sq. mu. open. Portico 
with arches and terraces 450 sq. 
mis.. Atrium 88 sq. mu.. 

Gymnasium 40 sq. mu. 3 fountains. 
Large indoor swimming pool. 

Set in 10,000 sq. mu. 

£880,000Sterling 

Mr A Light, Consultant Springfield, 
Tram pen Lane, North Boarhunt, 
Hampshire, POI7 6DH, England 
Tel/Ansaphonc/Fu: 

(U.K.) 0329-835005 


FOR SALE-15* FROM 
CENTRE OF PA R1S/ETOILE , 
VAUCRESSON. 

19C PROPERTY in a residential 
setting, period charm, 200m’ living 
space, magnificent garden 1230nr, 
caretakers lodge, garages. 

JALB. Td: (331) 47 41 79 79 I 


IF YOU APPRECIATE A | 
STYLISH RESIDENCE, we can ( 
offer you a furnished, one bedroom 
a partment , smartly d c eo r a i cd in 
vintage style in Mechelen (20km 
from Brussels). To let as from 
01.08.1992. Further details: Tel 
32/91/6048.96 or fax 320I/61.0&26 


COTE D'AZUR Viunt raavlew nUa* Cjp Per- 
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PAMS BEST AREAS - High C4SM BuiMmgs 
Beautiful himianad tiers to let- l weew6 
months. Taf. T (J3J (JJ 45 30 02 £1 far 
(-33) [II 49 a M N 

GUefMSev - Shields Wtghcmen tCoUd.4 

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ta/gesl independeni Esiaio Agenr T6L. 
Wfll 714445 FAX: 0481 713811 

FRENCH PROPERTY WW87r H monthly 
old new and &u prop .legal column me. Ash 
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COSTA DEL SOL PROPERTIES. Maroells 
offices For Information jnJ price list ring 
OBI 900 J761 an>1une.«V« neve a wide 
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CYPRUS: FanrbMtei, vlllaa, Land Irom 
C2WJOO - Free list THE DM ARIA, So» 42S3.0 
Umao&ol Cyprus T* |0I0] 357 5 3 72917. 
Foar 6 377740. 

GERMANY. 8 apis A tMsmass pramtael r.r 
Leipzig flood Investment. £4(0,000 o.n o 
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GUERM9EY - Come to live wuere me Quality 
or IUo ouu counn and ro^UorTtial aniry .3 
simple. Price range eontmvnslnfl £260,000 
Full pi opary pack from Manai. UaWes 
ana LC Poitey Ltd. 50 Hum StreeL 0»8i 
713463 Or Fax 0481 71185? 

PARIS, Sl Germain Dm Pree. 6th. 26 H nv 
criarmlng studio, quiet A well equipped 
U00 per rnomh an inclusive Tar v (331111 
47 63 33 39 


SWITZERLAND 

Sale to foreigners authorized 
Lake Geneva & Mountain resorts 

You can own a quaKy. APARTMENTfCHALET in: MONTREUX, \rtLLARS, 
LES D1ABLERETS, LEYSJN, GSTAAD VaHey, CRANS-MONTANA, 
VERBtER, etc. from SFr. 200’000—Credit laaBtles. 

53. rue de MonUjriUant - CH-1202 GENEVA 
REVACSJL Tel. 4152/734 15 40 - 'Fax7341220' 


WEST ALGARVE 

Luxury, new, air* conditioned, 
furnished 1 bedroom apartment in 
truly unique, water from setting. 
Small development, highest spec. 
Panoramic sea views, private garden, 
Jacuzzi, mooring. Rill management, 
good investment return. 
Fairly priced from £69,000 
Fax/Pbooe: 010 351 82 401357 
Ans. Phone: 010 35182 27089 


PREBAIL PARIS 
part or the AXA GROUP 
has DELUXE 
APARTMENTS to RENT 
Prestigious arrondisseraents. 
Please call: 

(33) (1) 47 54 99 71 
or fax: (33) (1) 47 5406 01 


Estates. Villas & Flats at 
unprecedented values. 
Contact: Roslyn Ceresrt© 
Coldwel) Banker Real Estate 
Tel: 407 391 9097 (USA) 

Fax: 407 391 6520